Parallel Economy FAQs

Will my rates be competitive?

Yes, The Parallel Economy and our partners offer competitive pricing so you will be paying the same or less than you currently do today. We will analyze your past credit card processing statements and determine what the best pricing is for your business and credit card volume.

Will I be PCI Compliant?

The Parallel Economy and our partners offer a built-in PCI Compliance program to minimize your PCI headaches. To start, our semi-integrated EMV solution keeps you out of PCI scope due to the way it was designed offering you immediate PCI protection. We have built this into the Storage Commander software. In addition, we offer a variety of other PCI compliance tools to keep your business safe.

What security technology will I be offered and is it PCI Compliant?

The Parallel Economy and our partners offer a security package called 1stPaySecure that will provide you comprehensive security features and coverage to protect your business. Our package includes:

• EMV Technology
• Point-to-Point End-to-End Encryption
• Tokenization
• PCI Compliance

Will credit card account updater be available?

Yes, The Parallel Economy and our partners offer a credit card account updater. Our solution automatically updates credit card numbers for recurring payments reducing the time your staff spends in following up on declined transactions. You will automatically be enrolled in the program when you sign up with Fortis.

What equipment will I need?

The Parallel Economy and our partners can provide a credit card processing terminal that is EMV and NFC capable to accept face to face and/or mobile payments like Apple Pay and Samsung Pay. This terminal will work with our software to be able to process in person payments. You won’t need any additional hardware.

Do I need an EIN or TIN to establish a merchant account?

If you don’t have a registered business, you can supply us with a W9 that includes a Social Security Number to be used for tax purposes. It’s that simple!

If I don’t have an EIN or TIN, can I use my social security number instead?

If you don’t have a registered business, you can supply us with a W9 that includes a Social Security Number to be used for tax purposes. It’s that simple!

What shopping cart systems do you support?

The Parallel Economy has partnerships with well over 250 different Gateways to support a variety of shopping carts. Some of these Gateways include, are not limited to: BigCommerce, Shopify, Woocommerce, Authorize.net, Magento, 3D Cart, and Volusion. The Parallel Economy also has partnerships with major retail, hospitality, restaurant, sporting goods, and manufacturing Point of Sale companies.

Are you integrated in with ERP Software?

Yes, The Parallel Economy and our partners have direct integrations into many major ERP solutions.

What is PCI Compliant?

Payment card industry (PCI) compliance is mandated by credit card companies to help ensure the security of credit card transactions in the payments industry. Payment card industry compliance refers to the technical and operational standards that businesses follow to secure and protect credit card data provided by cardholders and transmitted through card processing transactions. PCI standards for compliance are developed and managed by the PCI Standards Council.

Am I responsible for PCI Data Security Standards (PCI DSS) compliance?

Yes, all merchants are required to fill out a basic survey about how you are taking credit cards and processes involved. It is crucial to be PCI compliant because it will help reduce your compliance costs, operations costs, and risk associated with interacting with payment card data.

I don’t have any business checks as requested on the application, what do I do?

You can provide a letter from your bank that outlines the following: Name and Address of your business, your account and routing number, and signature of bank representative.

How and when will fees be collected for payment processing services?

You have 2 options for fees to be collected. Daily or Monthly. Daily – Processing fees are deducted daily. Then at the end of the month the merchant will pay a small fee associated with the cost of processing debit or credit card transactions. Monthly — All processing fees are deducted at the end of the month associated with the cost of process credit and debit card transactions.

How and when will I receive funds from my sales transactions?

Typically, all accounts are set up on Next Day Funding (NDF). NDF applies to retail and MOTO (Mail or Telephone Orders). Everything that is batched out prior to cut-off times (9pm EST) are eligible for NDF. Deposits do follow the Federal Reserve banking guidelines, so weekends and holidays are deposited on the following active business day.

Can I change the business name or DBA on my merchant account?

Yes, you can. You will need to notify us and fill out and sign a form notating the change.

How do I update or change the business and/or ownership address on my merchant account?

You will need to notify us and fill out and sign a form notating the change.

How do I update or change the banking information on my merchant account?

You will need to notify us and fill out and sign a form notating the change.

What documentation is required to apply as a non-profit organization?

You will need to provide a 501c letter documenting your non-profit status.

Do you provide tax forms or information for annual filing?

Yes, tax forms can be found online on your merchant account login account provided by us.