Frequently Asked Questions

These are the questions we most frequently receive from merchants:

I made an error in running a sale. What should I do?

Provided you have not already closed the batch, Void the transaction and if the customer is close to their line of credit limit, call the customer’s bank (phone number on back of card) and most banks will release the authorization (the $1,000 from the line of credit limit). Otherwise, the authorization will eventually fall off in 3-30 days (depending on issuing banks policy). Rerun the transaction for $100 – with Best Card you are only charged fees on the $100

What is the difference between a Return and a Void?

If you have already closed the batch for a transaction, you will need to run a Return. While Best Card does not charge processing fees on the Return (most processors do, so you pay for the transaction twice), you were charged fees on the original sale as the batch has closed and fees have already been paid to Visa/MC/Discover. Also it can take up to three days for the issuing bank to post the return where a Void treats the transaction as if it never occurred.

Why should I run the return on the same credit card as the original transaction?

This is important for several reasons:
(1) The credit card processor looks for same card offset and if the returns are for a large amount, the risk department can “suspend the return” until researched and the customer may not receive their refund timely.
(2) Embezzlement can occur in business so you always want the same credit card to be offset.
(3) Some merchants accept Flex Benefit/ Health Savings Account credit cards and if the original transaction used these monies and the return is to a different card, it is improper.

I voided the debit card but the customer doesn't see it online - why?

The void doesn’t post until the batch is closed and settlement with the bank occurs. Tell the customer that the transaction will be eliminated but it will take a day or so before their online banking reflects such. You may want to call the bank to release authorization.

What is the retention requirement for signed credit card slips?

Save sales drafts 60 months for medical related businesses and 18 months for other merchants.

What is PCI compliance, and how does it affect me?

Please see our PCI Compliance page for information regarding PCI policies.

What if I've accidentally given the wrong tax identification number or legal business name?

The federal Housing Assistance Tax Act of 2008 included the enactment of new Section 6050W of the Internal Revenue Code that requires reporting entities to annually report payments in settlement of payment card and third party network transactions to the IRS for all merchants. Reporting entities will be required to file an annual information return with the IRS and provide each merchant with a corresponding Form 1099-K, reporting monthly and annual gross sales. The first such information return and Form 1099-K will be due in January, 2012 for 2011 calendar year transaction activity.

Section 6050W also requires reporting entities to perform backup withholding from merchant funding by deducting and withholding Federal income tax, (Federal withholding is currently 28%) from the gross sales amount of reportable transactions if (a) the merchant fails to provide the merchant’s TIN to the reporting entity, or (b) the IRS notifies the reporting entity that the TIN (when matched with the name) is incorrect. Merchants subject to Federal income tax backup withholding may also be subject to backup withholding for specific states as applicable. To avoid backup withholding, beginning in 2012, it is very important that merchants provide the correct name and TIN that is used when filing their tax return that includes the transactions for their business.

What is the Durbin Amendment and how will it affect me?

The Durbin Amendment to the Dodd Frank Act is an act requiring banks with more than $10 billion in assets (approximately 70% of debit volume come from banks of this size) to significantly lower the fees they can charge for debit card activity. It went into effect on October 1st, 2011. This is good news for our merchants, as we have significantly lowered our debit rates to reflect this change. Most of our competitors have not lowered their rates. We estimate that our merchants will save $40-$100 in fees for every $10,000 processed in debit cards. Read this article for more information.

Call us at 877-739-3952 (toll free), fax us at 866-717-7247, or e-mail us at j.nieto@bestcardllc.com or r.mckee@bestcardllc.com.
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