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With Costco Canada, you can be sure you're getting the highest-quality products and services for the best price available. When you sign up for Elavon through Costco, you’ll get access to member-only low transaction rates, low account fees (no application or statement fees for Executive Members), discounts on your equipment, and a range of value-added payment services to help manage your business.
The average time from Elavon's receipt of your signed, completed application to your equipment delivery is less than 7 days. This timeframe covers credit underwriting, account establishment and shipping. Upon receipt of equipment, customer training is available immediately upon request and is typically completed in less than 3 days.
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 details of your fees will appear on your merchant statement, which you should receive the first full business week of the month.
Interchange fees affect all industries and are evaluated annually based on an analysis of industry costs and economic conditions. Multiple organizations are responsible for the complete processing of your card transactions. These include the card networks (MasterCard and Visa), a card-issuing bank, a processing bank, a service organization, a telecommunications network and a settlement bank.
Your pricing or discount rate include the fees collected by each of the parties to enable you to safely and securely accept payment cards. Although interchange fees are established equally for all payment processors, the rates can fluctuate based on a variety of factors. Discuss these with your sales representative to find out what options your business may have.
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 a valid transaction and payment card sale was completed in accordance with the applicable card network regulations or risk having their account debited for the disputed amount.
A chargeback translates into extra processing time and cost, a narrower profit margin for the sale, and possibly a loss of revenue. 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.
Let our team help you choose the payment solution that is best for you.