What's happening
Momence has switched payment processors to meet some new requirements of our parent company. Our new payment processor requires the purchase of a new Ingenico POS device.
Who does this change affect?
Any US or Canada based businesses accepting payments through Momence.
Fees
What are the new payment processor fees per transaction?
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U.S. Processing Fees
3.9% + $0.30 for online card payments
3.7% + $0.05 for in-person card payments
1.8% for ACH Payments (direct debit)
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Canada Processing Fees
3.9% + C$0.30 for online card payments
3.7% + C$0.05 for in-person card payments
2% + C$0.40 for ACH Payments (direct debit)
Remind me what Stripe was charging again?
Stripe's U.S. Processing Fees
3.9% + $0.30 for online card payments
3.7% + $0.05 for in-person card payments
1.8% for ACH Payments (direct debit)
Stripe's Canada Processing Fees
3.9% + C$0.30 for online card payments
3.7% + C$0.05 for in-person card payments
2% + C$0.40 for ACH Payments (direct debit)
Payments / Refunds
How do payouts work?
Every day a payout is created with the sum of all transactions for that day. If your business is NET the fees will be deduced from the deposit amount, if your business is GROSS you’ll receive the full amount and on the 7th of the following month, the fees will be aggregated and then debited from your account.
If your business is enabled for auto-submit the payout is submitted as soon as it is created and the the money will arrive the next day to your account.
Will this new payment processor be used for both online payments and in person payments?
(Ie. if I’m in the US and my student lives in Australia will I need to keep my Stripe account for that?)
Answer: it's the location of the business that determines which payment provider to use. So, if you’re in the US or Canada, both online and in person payments will be made through the new payment processor, regardless of where your customer lives.
What about with refunds?
Refunds will be performed the same way through the dashboard, and will be routed through the new payment processor.
Customer experience of switchover
Will my customers need to re-upload their credit card info?
No. Momence will work with Stripe to securely transfer credit card data to the new processor.
To meet PCI compliance obligations, Stripe can only transfer card data to another PCI DSS Level 1-compliant payment processor. Stripe requires the following information about the processor receiving the data:
The processor’s current PCI Attestation of Compliance (AOC), or their listing on Visa’s Global Registry of Service Providers.
The processor’s PGP public encryption key, which must be 4096 bits or greater in length. This key must be hosted over HTTPS on one of the processor’s domain names referenced in their AOC or Visa Registry listing.
Existing Accounts
What should I do with my existing stripe account? (ie. Should I leave a minimum balance to deal with disputes, etc).
We recommend leaving a small balance of your determination in your account to cover any disputes/chargebacks that may occur over the next several months. Set this amount based on the current volume of your business / past trends with how often disputes occurred.
Customers generally have 60 days from the statement date to dispute a billing error on a credit or debit card under federal law (Fair Credit Billing Act). Some issues with goods/services might allow up to 120 days or longer, though card issuer policies can vary.