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Platinum Payments: POS Payment Processing, Debit & Credit Card Processing | F.A.Q.




F.A.Q.'s - Frequently Asked Questions

Who is Platinum Payments?

Platinum Payments Merchant Services and its Canadian brand, Platinum Payments, is North America's 5th largest non-bank credit card acquirer. With Platinum Payments you can accept all types of Credit Cards, Debit Cards, and Gift & Loyalty Cards among other types of payments at the point of sale or on the internet. Partnered with Canada's largest and most trusted financial institutions, Platinum Payments combines industry-leading expertise with secure and reliable processing platforms and solutions. .

What is a merchant account?

A merchant account allows your business to accept credit cards, debit cards, gift & loyalty cards at the point of sale or on the internet.

How do I start accepting American Express?

A merchant account number must first be obtained prior to accepting American Express. Platinum Payments has the ability to establish and set up any non-bank card accounts on your behalf. Please contact your Sales Representative or Platinum Payments for assistance.

Can Platinum Payments help increase my profits?

Each Platinum Payments merchant will have the luxury of being serviced by a sales professional that is well versed in properly setting up your merchant account. As each business is unique, there are many factors that must be taken into account to guarantee the absolute lowest rates. Refund ratios, processing environment, average transaction size, hardware needs, among other factors play a part in proper set up and pricing of merchant accounts.

Does Platinum Payments service my type of business?

Platinum Payments understands that every business is unique and payment processing needs differ based upon business size and industry type. Whether you operate a retail shop, restaurant or internet store, Platinum Payments has a solution for your business.

What if I currently accept Credit and Debit Cards now?

As Platinum Payments employs a consultative sales approach, our sales professionals will make the transition from your current processor to Platinum Payments easy and painless. There is no need to switch from your current commercial bank. All you need is a new merchant account with Platinum Payments.

What type of support do you offer?

At Platinum Payments we pride ourselves on offering top-notch customer support and service. Platinum Payments representatives are available to you 24/7, by phone or by email.

Once I have an account with you, how do I change my address and/or telephone number?

A simple request in writing can be sent to CSTS@platinumpayments.ca.

How do I change the business checking account information that is linked to my Platinum Payments merchant account?

It is extremely important for you to notify Platinum Payments immediately upon any change to the checking account that is linked to your merchant account. Failure to notify Platinum Payments 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 faxed to our Customer Service Department at 1.855.257.1431. 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 appearing on my customers' billing statements?

If there is a change in the business name and/or DBA, the Articles of Incorporation must be provided to Platinum Payments. To make this change to your merchant account, a request in writing can be sent to CSTS@platinumpayments.ca.

How do I increase my processing limits?

Please submit a written request to CSTS@platinumpayments.ca.

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. You man contact your Sales Representative for assistance or contact Platinum Payments directly at 1.855.257.1431.

How do I know what has been deposited into and/or deducted from my checking account by Platinum Payments?

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".

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 bank account takes place daily. Weekends and banking holidays are not considered business days.