1. Application for and Setup of Merchant Account
After the application form, completed in full, is received by ITSportsNet the merchant account number will be set-up by Jetpay within 3 business days.
2. Jet-Pay Fees On-Line Registration Fees
The subscriber will be responsible for the following fees:
- Annual fee: $120.00
- Rate charged on each transaction: 2.75% (calculated on the gross transaction)
- Chargeback fee: $20.00 (for each chargeback occurrence)
This amount is refunded if the chargeback is reversed within 21 days.
- EFT reject fee: $25.00
Note that this fee schedule does not include fees paid to ITSportsNet – see separate fee schedule in ITSportsNet’s Customer Agreement.
When a credit card purchase is challenged by the cardholder the subscriber’s bank account will be debited for the chargeback amount plus a $20.00 chargeback fee. It is the responsibility of the subscriber to resolve chargeback disputes with their customers. Should the chargeback be reversed within 21 days the chargeback fee will also be reversed.
The subscriber will receive notification of chargebacks by both e-mail and regular mail.
4. AHC/EFT Rejects
This fee is applicable in two circumstances:
- When the subscriber changes bank account numbers
- If an EFT fails due to a lack of funds,. This would occur if a chargeback was processed to the bank account and there were not sufficient funds in the account to cover the charge. Given that chargebacks may occur after registration is complete it is prudent to leave a balance in the account to ensure any chargebacks are covered.
The subscriber may process refunds to their customers through Jetpay.
6. Credit Card Types Available
Both VISA and Mastercard credit cards are accepted by the system.
7. Distribution of Funds and Payment of Fees
All funds collected, less applicable fees, are transferred to the Subscriber daily. The funds transfer includes all funds collected up to 48 hours prior to transfer date. The annual fee is deducted from the first deposit to the subscriber’s account.
The subscriber will receive access to real time reports providing full information on each transaction. The subscriber will receive their own username and password from JetPay for accessing reports.
Created by: ITSportsNet -- Last updated:Mar 29, 2007