What is a Merchant Account
All credit card transactions are processed through a merchant account. A merchant account is like a bank that processes payments and moves the money from the credit card holder (the purchaser) to the seller (you the club.) Clubs enter into an agreement with the merchant account provider to process funds on their behalf, and merchant account providers perform due diligence on clubs to ensure they can honour the sales they are making. Zone4 offers three levels of processing depending on your club’s size and needs. The following table compares the main differences in the 3 levels.
|Credit Card Fee||3%||2.9%||2.13%|
|Per Transaction Fee||$1||$0.30||$0.25|
|Per Person Fee||$1||$1||$1|
|Onboarding Timeline||Instant *¹||Instant *²||1 Week|
|Merchant Account Holder||Zone4||The club||The club|
|Name Appearing on Credit Card Statement||Zone4||The club||The club|
|Header Branding at top of Registration Pages||Zone4||Zone4||300x928px custom image|
|Admin Refund Capability||No||Yes||Yes|
|Admin Charge Adjustment (add charges)||No||Yes||Yes|
|Option to allow club pays processing fee||Yes||No||Yes|
|Customizable processing fee rate to charge registrants||No||No||Yes|
|Payout Schedule||Weekly *³||Weekly||Daily|
|Advanced Installment and Deposit System||No||No||Yes|
|Annual transaction volume recommended||<$100,000||<$100,000||>$30,000|
|Available in:||CAN||CAN/USA +23 other *4||CAN/USA|
- * Zone4 interviews all new clubs upon club application to determine the best processing option and suitability for the Zone4 processing option.
- * Stripe onboards applicants instantly but may require additional verification after it’s automated system has evaluated your application details.
- * Zone4 remits funds every Thursday for all the transactions collected the previous week Sunday to Saturday. Clubs can set a minimum remittance threshold if they don’t want to receive deposits for small amounts (to reduce bank fees.)
- * Stripe is available in 25 countries and growing. See here for current complete list: https://stripe.com/global
- If you don’t have a Zone4 club account yet, start by applying for a club account here: https://zone4.ca/clubapplication.asp
- For information on signing up with Stripe see here: http://help.zone4.ca/kb/setting-up-a-stripe-account/
- For information on signing up with Helcim see here: http://help.zone4.ca/kb/signing-up-with-helcim