Most Frequently Asked Questions

• What is the first thing I need to do to start accepting credit cards?

  You will need a merchant account set up for your business. This will give you the ability to accept credit and debit cards in person, online, or over the phone.

• How do I apply for a merchant account?

  If you would like to sign up for a merchant account, you can call us at (757) 631-0163 to sign up over the phone or to set up an appointment for a representative to meet with you.

• What credit cards will I be able to accept?

  Ocean Equity Payment Solutions offers processing services for all major credit cards including Visa, MasterCard, Discover, American Express, Wright Express, and Voyager.

• Can I also accept debit cards?

  Yes. Ocean Equity Payment Solutions leads the industry in debit card processing with access to both national and regional networks.

• How long will it take before I can start accepting credit and debit cards?

  With Ocean Equity Payment Solutions, we can get you up and running within 48 hours in many cases.

• When will I receive funds from the transactions which I process?

  Funds from your processed transactions should are generally deposited within 14 hours of batching*.
  
  *Merchant must settle transaction before platform’s cutoff time.

• How are credit cards charged?

  Upon swiping a credit card in a POS terminal or entering the required customer information into a virtual terminal, the information is sent from the merchant to Ocean Equity Payment Solutions. Ocean Equity Payment Solutions then requests the money from the issuing bank, which is deposited directly into your bank account.

• What is the difference between a void and a refund?

  A void must be performed prior to the authorization of a transaction (before you batch). After a transaction is authorized, the transaction cannot be voided by the merchant. A refund must be applied to the customer’s account.

• What types of processing solutions does Ocean Equity Payment Solutions offer?

  Ocean Equity Payment Solutions offers a wide range of processing solutions for merchants so you can choose which is right for you. From retail stores to ecommerce and mail order to mobile transactions, Ocean Equity Payment Solutions has the right solution for your business.

• How do I process other payment methods, such as checks?

  Ocean Equity Payment Solutions offers check acceptance solutions which provide you with 100% guaranteed electronic payment transferred directly to your bank. We eliminate the hassle of bounced checks or trips to the bank.

• What is MOTO processing?

  MOTO (mail order/telephone order) processing is also known as “card not present.” MOTO transactions allow customers to make purchases by providing their credit card information without providing a signature over the telephone, Internet, or via mail.

• What is a virtual terminal?

  A virtual terminal is a processing terminal which merchants may use to process transactions online. Virtual terminals can be accessed from any computer with an Internet connection.

• What is PCI compliant?

  Payment Card Industry (PCI) compliancy is required for all equipment for most transactions. Ocean Equity Payment Solutions offers a full line of secure PCI compliant POS equipment certified by Visa/MasterCard and American Express.

• How do I program my equipment?

  Ocean Equity Payment Solutions makes getting up and running quick and easy with our free training and set-up for new merchant accounts.

• Why do different accounts have different rates?

  Different accounts have different rates depending on your business’s specific needs and risk factor. For example, some accounts may strictly be store front retail while some businesses accept credit cards over the phone (or “card not present”) which presents a slightly higher risk leading to slightly increased rates.

Already Accept Credit Cards?

• Why switch to Ocean Equity Payment Solutions?

  Ocean Equity Payment Solutions offers the most competitive rates available! We assure processing for all major credit and debit cards, allowing you to accept all your customers.

• Is my existing POS compatible with Ocean Equity Payment Solutions?

  Ocean Equity Payment Solutions’ processing solutions are compatible with most POS systems. To ensure your POS system is compatible, contact us.

• What other services does Ocean Equity Payment Solutions offer merchants?

  Besides credit card processing, Ocean Equity Payment Solutions also does check processing. We offer cash advances for merchants, as well as gift cards and customer loyalty programs.

• How do you determine my monthly minimum?

  Every business’s monthly minimum is based on the amount of transactions processed throughout the month.

• What if I already have processing equipment, but want to switch to Ocean Equity Payment Solutions’ services?

  No problem. Ocean Equity Payment Solutions supports all major terminals and processing equipment and would be happy to discuss the Ocean Equity Payment Solutions advantage with you in detail. Contact us to see if your equipment is compatible.

• What is the Global Gateway?

  The Global Gateway is Ocean Equity Payment Solutions’ proprietary ecommerce gateway that allows merchants to submit transactions online quickly and securely. Using the Global Gateway, you can process sales, authorizations, refunds, and pull daily and monthly reports. The Global Gateway can be accessed from any computer Internet access at any time, providing a quick and convenient way for merchants to process transactions.

• Do you offer merchant accounts to businesses located outside of the United States?

  Unfortunately, Ocean Equity Payment Solutions does not provide merchant processing outside of the United States.

• Are there any businesses that you do not allow to apply?

  Yes. To hold ourselves to the highest level of integrity, Ocean Equity Payment Solutions does not provide services for certain types of businesses.

• What kind of support does Ocean Equity Payment Solutions offer in case something goes wrong?

  At Ocean Equity Payment Solutions, our world-class customer service and technical support is available 24/7/365 days a year. With Ocean Equity Payment Solutions, you will always get a support expert on the phone.

Current Ocean Equity Payment Solutions Customers

• How do I change my address and/or telephone number?

  Please contact our corporate offices during normal business hours at (757) 631-0163.

• How do I change the business checking account information that is linked to my Ocean Equity Payment Solutions merchant account?

  It is extremely important to notify Ocean Equity Payment Solutions immediately upon any change to the checking account that is linked to your Ocean Equity Payment Solutions merchant account. Failure to notify Ocean Equity Payment Solutions may result in the delayed deposit of funds to your checking account or funding to the wrong checking account. A void check for the new account must be submitted along with an authorization form signed. In the event of a starter check, a bank letter is also required. The change will be completed within two (2) business days. The original checking account should be left open with funds available during the transition to the new checking account.

• How do I change my business name and/or the description of my business appearing on my customers’ billing statements?

  If there is a change in the business name and/or DBA, the Articles of Incorporation and TFN/EIN letter from the IRS must be provided to Ocean Equity Payment Solutions. To make this change to your merchant account, please fax a written request to our Customer Service Department at (757) 631-0165 and a representative will contact you shortly.

• How do I change the ownership information if I’ve recently acquired or sold the business?

  The new owner must complete a new Merchant Application and Agreement. Contact your Sales Representative for assistance, or you may contact Ocean Equity Payment Solutions directly.

• How do I know what has been deposited into and/or deducted from my checking account by Ocean Equity Payment Solutions?

  This information is available in several formats. A monthly processing statement is mailed the first week of each month for the preceding month’s activity. Checking your bank statement is also an option. Deposits and withdrawals will be listed on your bank statement as “Bankcard Processing”. A third option is to call our Customer Service Department at (757) 631-0163. Lastly, for a small fee, you have the ability to view your merchant account activity online.

• How frequently are funds deposited into my business checking account?

  Activity on your merchant account is processed on a daily basis and is reported according to the processing date. The transfer of funds to or from your checking account takes place through the Automated Clearing House (ACH). Depending on your merchant account type, the transfer may vary from 12 hours to 4 business days, with about 90% of our merchants funded within 12 hours. Weekends and Federal holidays are not considered as business days.

Privacy Policy

• What information do we collect?

  We collect information from you when you register on our site or fill out a form.

  When ordering or registering on our site, as appropriate, you may be asked to enter your: name, e-mail address or phone number. You may, however, visit our site anonymously.

• What do we use your information for?

  Any of the information we collect from you may be used in one of the following ways:

  - To personalize your experience
  (your information helps us to better respond to your individual needs)

  - To improve our website
  (we continually strive to improve our website offerings based on the information and feedback we receive from you)

  - To improve customer service
  (your information helps us to more effectively respond to your customer service requests and support needs)

  - To administer a contest, promotion, survey or other site feature

  - To send periodic emails

  The email address you provide may be used to send you information, respond to inquiries, and/or other requests or questions.

• How do we protect your information?

  We implement a variety of security measures to maintain the safety of your personal information when you enter, submit, or access your personal information.

• Do we use cookies?

  We do not use cookies.

• Do we disclose any information to outside parties?

  We do not sell, trade, or otherwise transfer to outside parties your personally identifiable information. This does not include trusted third parties who assist us in operating our website, conducting our business, or servicing you, so long as those parties agree to keep this information confidential. We may also release your information when we believe release is appropriate to comply with the law, enforce our site policies, or protect ours or others rights, property, or safety. However, non-personally identifiable visitor information may be provided to other parties for marketing, advertising, or other uses.

• Third party links

  Occasionally, at our discretion, we may include or offer third party products or services on our website. These third party sites have separate and independent privacy policies. We therefore have no responsibility or liability for the content and activities of these linked sites. Nonetheless, we seek to protect the integrity of our site and welcome any feedback about these sites.

• Childrens Online Privacy Protection Act Compliance

  We are in compliance with the requirements of COPPA (Childrens Online Privacy Protection Act), we do not collect any information from anyone under 13 years of age. Our website, products and services are all directed to people.

Prohibited Business Types*