Parallel Economy FAQ
Frequently asked questions about Parallel Economy
Will my rates be competitive?
Yes. Parallel Economy and our partners offer competitive pricing, so you will pay the same or less than you currently do. We will analyze your past credit card processing statements to determine the best pricing for your business and credit card volume.
What shopping cart systems does Parallel Economy support?
Parallel Economy has partnerships with over 250 different Gateways to support a variety of shopping carts. Some of these Gateways include, are not limited to: BigCommerce, Shopify, WooCommerce, Authorize.net, Magento, 3D Cart, and Volusion. Parallel Economy also has partnerships with major retail, hospitality, restaurant, sporting goods, and manufacturing Point of Sale (POS) companies.
Are you integrated in with ERP software?
Yes. Parallel Economy and our partners have direct integrations into many major ERP solutions.
Does Parallel Economy offer POS solutions and equipment?
Yes. Parallel Economy and our partners can provide an EMV and NFC-capable credit card processing terminal that accepts face-to-face and/or mobile payments like Apple Pay and Samsung Pay. This terminal works with our software to process in-person payments. You won’t need any additional hardware.
Is it easy to switch from my current payment processor to Parallel Economy?
Yes. You can easily switch from your current payment processor to Parallel Economy.
Do I need an EIN or TIN to establish a merchant account?
No. You can supply us with a W9 that includes your Social Security Number for tax purposes if you don’t have a registered business. It’s that simple!
I don’t have business checks as requested on the application, what do I do?
You can provide a letter from your bank that outlines your business’s name and address, your account number and routing number, and the signature of a bank representative.
What documentation is required to apply as a non-profit organization?
To apply as a non-profit organization, you must provide a 501c letter documenting your non-profit status.
When will I receive funds from my sales transactions?
Next Day Funding (NDF) is typically used to set up accounts. NDF applies to retail and MOTO (Mail or Telephone Orders). All batched orders submitted before 9pm EST are eligible for NDF. Deposits follow Federal Reserve banking guidelines, so deposits made on weekends and holidays are processed on the following business day.
How and when will fees be collected for payment processing services?
You can choose between daily or monthly fees. Daily fees deduct processing fees daily. Then, at the end of the month, the merchant pays a small fee for processing debit or credit card transactions. Monthly fees deduct all processing fees at the end of the month for credit and debit card transactions.
Do you provide tax forms or information for annual filing?
Yes. Tax forms can be found online on your merchant account login account provided by us.
Will I be PCI Compliant?
Yes. Parallel Economy and our partners offer a built-in PCI Compliance program to minimize your PCI headaches. Our semi-integrated EMV solution keeps you out of PCI scope, offering immediate PCI protection due to its design. We built this into the Storage Commander software. We also offer a variety of other PCI compliance tools to keep your business safe.
What security technology will I be offered and is it PCI Compliant?
Parallel Economy and our partners offer 1stPaySecure, a security package with comprehensive security features and coverage to protect your business. Our package includes:
- EMV Technology
- Point-to-Point End-to-End Encryption
- Tokenization
- PCI Compliance
Am I responsible for PCI Data Security Standards (PCI DSS) compliance?
Merchants must fill out a basic survey about their credit card practices and processes. PCI compliance is crucial because it helps reduce compliance costs, operations costs, and the risk associated with handling payment card data.
May I change the business name or DBA on my merchant account?
You can change the business name or DBA on your merchant account. You will need to notify us and fill out and sign a form notating the change.
Can I change the business and/or ownership address on my merchant account?
You can update or change your business and/or ownership address on your merchant account by notifying us and filling out and signing a form that notifies us of the change.
How do I update the banking information on my merchant account?
In order to update or change the banking information on your merchant account, you will need to notify us and fill out and sign a form notating the change.
Note: While our frequently asked questions (FAQ) serves as a good resource for the most common inquires we receive, it may not include specific information you are looking for. If you need information not covered in our frequently asked questions, please contact us.