Frequently Asked Questions
We’ve posted the answers to many of the most frequently asked questions we receive.
If you are new to Platinum Relations, we welcome to opportunity to talk with you and to answer all of your questions.
Please follow the “Contact” link and tell us a little about yourself and how we may best be of service to you.
What we favor most is direct, personal contact. That means your Platinum Relations Consultant will contact you, stay with you and build with you. We are relationship based. You will not be handed off to an unknown call center employee. Rest assured, however, if you have issues at odd hours, or your Consultant cannot pick up your call immediately, we have 24/7 backup tech support for all platforms to help you with whatever you may need.
How long before I can start processing payments?
While this question isn’t as simple as it might seem, typically once an application is submitted, it can be approved the same day, and up and running the next. Depending on the anticipated volume, average ticket size, and the financial position of your company and yourself, Underwriting may take a little longer.
Can I use my existing bank or credit union account?
Yes, your existing checking account can be used. All that is required is a copy of a check, marked VOID, or a letter from your financial institution stating that the account is open and in good standing.
Do I have to buy a new terminal?
Most often, as long as your existing terminal is compliant with data security standards, we can reprogram it for your new merchant account. If you do not own your existing terminal, or just plain don’t like it, we can provide you with options for purchasing a new terminal.
Is there a lease involved?
While we do have lease options available, in most cases it is not in your best interest to lease equipment.
What are the normal funding cycles?
Depending on a few variables, such as what time you settle your terminal, funding could be as fast as the same day, in which case you would see the monies in your account the next morning. In nearly all situations, funding is released either the same or next business night as your transactions were processed. Saturday and Sunday transactions are generally funded Monday night.
What card types will I be able to accept?
Normally, accounts are set up to accept VISA, MasterCard and Discover. Diners Club and JCB (Japan Credit Bureau) are also automatically accepted, however there are few in circulation in the United States. American Express and Fleet card entitlements can easily be added to your account as well.