Elavon

What are the advantages of obtaining my merchant processing service through Costco Canada’s relationship with Elavon?
With Costco Canada you can be sure you're getting the highest quality products and services for the best price available. Elavon's service features extremely low transaction rates, low account fees (no application or statement fees for Executive Members), discounts on your equipment and access to a range of value-added payment solutions to help manage your business. In addition, your transactions will be processed over the Elavon Network, rated #1 by MasterCard for availability and reliability.

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Why did Costco Canada partner with Elavon?
As the third largest merchant acquirer in North America, Elavon processes over 1 billion transactions annually for more than 800,000 merchant locations. Elavon provides an end-to-end network and vast processing capacity, a wide range of payment solutions, extensive fraud management and risk control, and unparalleled customer service.

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How long does it take to establish a merchant account through Elavon?
Upon receipt of your completed application and accompanying paperwork, account approval and equipment deployment typically take no more than 48 hours.

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Why do you need a credit check and/or my financials as part of the set up process?
Credit checks are required by Visa and MasterCard and are necessary to determine if the business owners are financially sound. Elavon extends virtually unlimited lines of credit when a merchant account is set up. Financial stability is the most critical component of the approval process.

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When can I begin processing?
Once you receive your equipment and go through a brief telephone training process, you can activate your account. Your equipment is typically deployed within 48 hours of account approval.

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How long does it take to get the money from my credit card purchases?
Funds are electronically settled within two business days.

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When do you charge my account for fees?
Your account will be charged for all appropriate fees on or around the fifth of the month following the activity, via an Automated Clearing House (ACH) transaction. The detail of your fees will appear on your merchant statement that would be received the first full business week of the month following the activity.

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What is interchange and how does it affect my processing costs?
All bankcard transaction rates - regardless of who processes the transaction - include a cost for "Interchange." Interchange rates represent the fees that the VISA and MasterCard Associations charge a Merchant to get the funds into his bank (Merchant Bank) and to get the billing information to the Cardholder's Bank (Issuing Bank). All interchange rates are expressed as a percentage of the total transaction.

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What is a chargeback?
A chargeback is a transaction disputed by the cardholder or card issuer. There are many reasons for chargebacks, but the most common are returned merchandise, terminated services, disputes, errors, or fraud. Merchants must be able to provide proof that the disputed transaction is valid and in accordance with Visa/MasterCard regulations or risk having their account debited for the disputed amount.

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How can I avoid chargebacks?
To avoid chargebacks, act promptly if contacted directly by the cardholder to resolve a dispute. By working directly with the cardholder, you can avoid costly fees and processing costs as well as promote goodwill with your customer. It is important to carefully track and manage the chargebacks that you receive, and know your representment rights. A chargeback translates into extra processing time and cost, a narrower profit margin for the sale, and possibly a loss of revenue.

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