Gravity Payments Local Business

FAQ's and Common Questions

Merchant Services • Credit Card Processing • EMV • Apple Pay • & More

FAQ (Frequently Asked Questions)

 

Gravity Payment’s offers a wide range of products, services, and features to support businesses in their merchant services credit card processing needs. Part of that support is addressing FAQ’s (frequently asked questions) that our clients may have from time to time.


Contactless Payments (NFC, Apple Pay, Samsung Pay)

Credit Card Processing IRS 1099 Reporting

Customer Support

Cyber Security

EMV

Interchange

Merchant Services

NABU (Card Brand Fees)

PCI Compliance

POS (Point-of-Sale) Support

Virtual Terminal Support


Contactless Payments (NFC, Apple Pay, Samsung Pay)

Contactless payments come in a lot of names and versions such as Apple Pay, Samsung Pay, and other types of near field communication. Essentially, contactless payments allows a customer to wirelessly make a payment on a device of their own that will then securely communicate to a payment device held by the merchant. Enabling contactless payment acceptance for your small business will increase the variety of payment options your clients can use, increase speed over EMV chip cards, and supply the highest level of security.

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Credit Card Processing IRS 1099-K Reporting

Whether we like it or not, tax season comes every year. Accepting credit cards for payment processing requires additional IRS reporting in the form of a 1099-K. The 1099-K is a tax form that is presented to the IRS and used to report your processing volume. Gravity Payments is required to report to the IRS the volume in payments processed by businesses each year. We also provide 1099-K copies to your business each year.

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Customer Support

Our Support Representatives are all cross-trained in technical support, billing, troubleshooting, and more. They are prepared to address any and all questions you might have about your merchant services account with Gravity Payments. Our Support Representatives are available 24 hours a day.

Have a question? To speak with a Support Representative today, call (866) 701-4700.

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Cyber Security

On top of things like PCI compliance, EMV, and other security functions that Gravity Payments offers, we sat down with our Senior Security Engineer, Mick Grove, to cover which businesses are at risk, and what actions business owners can take today to keep themselves secure.

For more information click here.

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EMV

Europay, MasterCard, Visa, or in other words, EMV, is currently the most secure way to run transactions from a plastic credit card or debit card. EMV uses a computer chip on your card to authenticate the transaction.

For a full listing of EMV FAQ’s, click here.

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Interchange

Interchange means the amount of money that banks and card brands (Visa, MasterCard, American Express, Discover) charge. Interchange is the portion of the processing cost that no credit card processor has control over. These rates are the same no matter where your merchant services account exists.

For more information on interchange, click here.

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Merchant Services

Gravity Payments merchant services encompass all that we offer as a credit card processing company. From payment processing, e-commerce, POS (point-of-sale) systems, and website integration to our personal customer support and representatives.

Often interchanged with the term credit card processing, merchant services are a type of financial service that allows businesses of all sizes to accept payment for goods or services via credit, debit, contactless (Apple Pay/Samsung Pay), and EMV chip cards. This is usually done through a physical or virtual terminals, point of sale system, website shopping carts, and more.

For more information click here.

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NABU (Card Brand Fees)

Often on merchant services or credit card processing statements, you will see a slew of mysterious and cryptic fees. These are known as Card Brand Fees or Card Association Fees. These are the fees that are paid back to Visa, MasterCard, Discover, or American Express. Depending on your merchant services statement, they can appear as different things, but are often labeled NABU fees (Network Access and Brand Usage Fees).

Interchange fees are split up between some of the money going to the card-issuing bank – like Chase or Bank of America – while the rest of the fees go to the card brand. Like all interchange fees, the card brand fees are not charged by Gravity Payments or any credit card processing company, but by the banks and card brands themselves. The credit card processor only collects the fees and passes them through to the card brand and bank.

For more detailed information on card brand fees, click here.

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PCI Compliance

PCI or Payment Card Industry is a set of standards that oversees data and its security for any organization that interacts with credit or debit cards. First and foremost, a myth must be dispelled – a merchant is not required by any law or regulation to be PCI compliant.

For more information on this FAQ, click here.

 

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POS (point-of-sale) Support

POS or point-of-sale system is a combination of hardware and software that enables business owners to manage the day-to-day operations of their business, complete transactions, and take in data for analytics, and reporting purposes.

For more information on this FAQ, click here.

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Virtual Terminal Support

A virtual terminal provides similar functionality as you’d find with a physical terminal. However, the transactions are all happening online. With a virtual terminal, business owners with a merchant services account will be able to process their customers’ credit card payments online from any computer or mobile device with a internet connection.

For more information on this FAQ, click here.

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