So, now that you’ve got your website powered up, you’re officially in the business of selling products/services online. “Selling” being the operative word. You have to somehow process these transactions in order to exchange your offerings for some hard-earned cash.
Fortunately, and not the least bit coincidentally, we have the perfect merchant processing solution for you. GroovePay™ is by far the leading merchant account solution for online and ecommerce businesses. “Why is that?” we hear you ask. Let’s get into it.
First, we have to quickly get something out the way that seems to be causing a bit of confusion amongst Groovesters – and we certainly don’t want that. GroovePay™ is a merchant account service that is provided to some customers who applied and got accepted. While we love all things Groove.cm™ around here, GroovePay™ is actually not part of the product. It is, however, a service that can be used in conjunction with Groove apps – although it doesn’t make any difference whether you’re a free user, paid user, or not even a user of Groove at all.
Okay, hopefully that’s all cleared up and now we can move on to the grooviness of GroovePay™ and then answer some questions.
With GroovePay™, there is no fine print. With PayPal and others, it can fluctuate to as high as $10 per transaction plus a processing fee. Don’t be caught by the deceptively low banner prices and end up paying much more because of the fine print. When using your GroovePay™ account, our pricing is a flat rate of 2.85% (or lower in some cases) and you will only ever pay us $0.25 USD per transaction (for qualifying countries, products and services).
Our background in ecommerce and risk management also gives us unique leverage and the ability to speak in payment processing language to our preferred payment partners. Because we understand the peaks and valleys in online sales, we often act as a mediator on behalf of GroovePay™ merchants if issues arise.
What is a merchant account?
Business owners, or merchants, have to provide buyers with a secure way to input their credit card information to purchase products/services online. Having a merchant account allows business owners the flexibility and protection of full payment processing abilities that simply aren’t found in the “light” options for payment processing.
So, your GroovePay™ merchant account will replace any other ways that you take credit cards and it can even replace PayPal, but many people opt to use both.
What is a bank-sponsored merchant account?
Having a bank-sponsored merchant account allows your business to process more ecommerce credit card sales than a typical online payment solution, such as Stripe. Customers might never know the difference between Stripe, for example, and a bank-sponsored merchant account; but a bank-sponsored merchant account provider works hard to understand your business model and credit card processing volume.
With bank-sponsored merchant accounts, you can have back-ups or get others in the case of a shut down or suspension. If you lose your Stripe account, you can’t get a new one and won’t have a backup solution.
What are the perks of using GroovePay™?
- 2.85% +$0.25 per transaction*
- No Application Fees
- No Monthly PCI Fees
- No Monthly Statement Fees
- No Annual Fees
- No Minimum Monthly Processing Fees
- No Cancellation Fees
- Flat-Rate Pricing
- Lowest Flat-Rate for Debit Card Transactions
- Lowest Flat-Rate per Transaction Fee
- No Gateway Fees
- No Long Term Contracts, Month-to-Month
- Super Fast Deposits
- Instant Approvals*
- Emergencies? Call us anytime!
*For qualified countries. products and services
What are the countries supported by GroovePay™?
- Czech Republic
- New Zealand
- United Kingdom
- United States
What’s the difference between GroovePay™ vs PayPal or Stripe?
We have a nifty comparison table with services and corresponding fees on the GroovePay™ website.
Will my GroovePay™ account ever be unexpectedly shut down like other merchant accounts?
There’s nothing worse than having your business offline at the worst possible time, i.e. when there are large swings in processing volume. But this is the reality of online ecommerce merchants and digital marketers, which is why GroovePay™ partners with processing entities who understand our merchants, their business, and online sales that fluctuate.
Although Stripe is quick to approve, they will only do due diligence after you do volume and subsequently get shut down or suspended. Because GroovePay™ is a bank-sponsored merchant account, we will do all the necessary things upfront so you don’t get surprises later.
To best maximize conversions, our tests have proven it’s better to offer a Credit Card Checkout (such as GroovePay™) together with PayPal.
What are the GroovePay™ application requirements?
The requirements differ* depending on the country and the type of products/services offered, but generally speaking:
- Business Name
- Type of Business
- Tax Number (and SSN in the US)
- Merchant’s Name and Personal Information
- Merchant’s Contact Information
- Merchant’s ID Information/Copy of Passport
- Business Address (Physical)
- Bank Account Information
- Business Website (Live and Fully Complete – See Below)
A friendly warning for GroovePay Pro! Many websites and funnels get rejected, which inevitably delays the application process, because they don’t have the following:
- Terms and Conditions
- Refund Policy
- Contact Information (Including Address and Telephone Number)
- Card Association Logos (Payment Options) on the Checkout Pages
*Additional supporting documents such as bank statements, processing statements, EIN letters, Articles of Incorporation etc. may be required.
Why is my GroovePay™ application taking so long?
- Due to incomplete applications and incorrect/missing contact information.
- Due to high-risk products/services sold that require underwriting.
- Due to applications from countries for which we do not have a processing solution.
- Due to unexpected changes in underwriting requirements and risk review.
How can I get fast approval for a GroovePay™ account?
The approval process is dependent on the type of products/services sold and will vary with each application. To avoid delays:
- Provide a full application completed with all the required information.
- Use Groove.cm™ platforms which are approved much faster due to easier integration.
Do I have to apply for a different merchant account for every store that I own?
Yes, we recommend doing so. This will allow you to avoid chargebacks and disputes that will arise from using generic business names when you sell online. Keep your merchant accounts and your branding/websites uniform, so that a customer immediately recognizes the name of your brand/website/product on their bank statement.
Can I apply for a GroovePay™ merchant processing account if I have bad credit?
Yes! However, some banks may pull the owner’s credit history, especially when high-risk products/services are sold.
Who can I contact for support regarding my GroovePay™ application?
For any additional questions, please call us on 1-844-Groove1. (Choose option 2, followed by option 2 again.)