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Q.1. |
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Is any
additional software required?
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A.1.
There is no additional software required
to process royalty payments online. |
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Q.2. |
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What forms of
payment can I accept?
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A.2.
You can choose to collect royalty payments
by either electronic check (ACH), credit
card, or both. Most tend to collect
by ACH as the cost per transaction is
less. |
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Q.3. |
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What is ACH?
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A.3.
ACH stands for Automated Clearing House.
An ACH transaction is where you can either
electronically debit or credit from or to
a person or companies checking account.
These transactions typically take 1-3
business days for funds to clear. |
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Q.4. |
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What are the monthly costs once setup?
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A.4.
Each month you will have to pay for the
monthly gateway and statement fees from
the credit card processor. These are
standard to process any payment on any
system. The only other fee will be a
monthly fee for using the Collect Royalty
System. |
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Q.5. |
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Can I setup
recurring payments?
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A.5.
Yes! You can configure to draft a
payment automatically on a specified
frequency either by credit card or
electronic check. Franchisees can
also setup recurring payments from their
own login. |
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Q.6. |
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Can I take other
payments other than royalty?
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A.6.
Absolutely!
You will have a "virtual terminal" that
can be used to collect one time payments
from customers, franchisees, make
payments, issue refunds, etc. |
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Q.7. |
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How secure are
my transactions?
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A.7.
All royalty payment transactions are
processed on a SSL website containing
256bit encryption. Any sensitive
data that must be stored for the
transaction will also be encrypted. |
SSL Certificates
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Q.8. |
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Can I view a
demonstration of your system?
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A.8.
Yes, in order to schedule a demo of
the royalty payment system, please
contact us. |
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Q.9. |
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How quickly do I
receive my deposits?
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A.9.
If you receive a royalty payment by
electronic check (ACH), you can expect it
to take 1-3 banking days to clear.
Payments by credit card can take 1-2
banking days. |
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Q.10. |
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Is a long term
contract required?
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A.10.
No, There is not long-term
contract when you sign up with Collect
Royalty. We do ask that we be given
30 days notice prior to leaving.
However, since we do use a separate
company to process the transactions they
may have a contract term that is different
from ours. |
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