POLICIES

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Velocity Processing respects your privacy. This page describes how we use your personal information and respect your privacy rights.

We collect information as part of our business operations, to provide services to our customers, to offer customer support, and to fulfill legal and contractual obligations. You provide some of this data directly, such as when you complete an application for merchant services, submit an online form, contact customer support, or provide us physical documents. We also collect information through your interaction with our website (i.e., cookies) and through data obtained from third parties.

We use information that we collect for lawful purposes associated with the growth, maintenance and management of our business while also respecting your privacy. These uses include our internal operations and administration, communicating with you and fulfilling your requests, for advertising and marketing, and to improve, develop, enhance and otherwise provide our services.

We will only share your information with third parties that are directly involved in the approval process or implementation of your merchant account, including, but not limited to, processors, gateway providers, compliance managers, and surcharging software companies.  We will never share your information with anyone that is not directly involved in your account as stated above, unless we are required by law, to respond to the legal process; to protect lives, and to protect our legal rights. 

We respect your rights in how your personal information is used and shared. You may request access or corrections to your personal data and make choices about the kinds of marketing materials you receive (or choose not to receive marketing from us at all).

If you have questions or concerns about our privacy practices or to exercise any of your rights and choices as described in this notice, you can call us at 305-917-7000, submit a form on our website, or send us a certified letter to the following address:

Velocity Processing, LLC

5944 Coral Ridge Drive

Suite 118

Coral Springs, FL 33076

Elavon charges fixed expenses to keep merchant accounts active, regardless of processing activity. These expenses include, but are not limited to, PCI compliance fees, statement fees, value package fees, next day funding fees, annual fees, and monthly minimum fees.

Elavon charges variable expenses for the processing of debit and credit cards. Fees vary depending upon the classification of cards accepted. Classifications are determined by the card associations (Visa, MasterCard, American Express, and Discover). 

Accounts may be classified as seasonal and closed during months of inactivity to avoid paying the fixed expenses. These accounts must meet certain criteria to be classified as seasonal. Accounts may not be closed temporarily to avoid monthly fees.

With the exception of chargebacks, all fees due are paid in arrears. This means that any fees incurred in April would not be debited from your account until the first business day of May. Pursuant to card association guidelines, your merchant account is considered "active" if the account is open as of 12:00am on the first day of the month. Therefore, an account that terminates, regardless of the reason, shall be liable for the fixed expenses associated with the account for the current month, regardless of inactivity.

Refunds shall not be issued for inactive accounts as Velocity Processing and Elavon maintain expenses for keeping accounts active and on-file. 

Unless provided in writing by Velocity Processing, refunds shall not be given for fees charged by your previous processor.

All clients are responsible for the verification of deposits into their account. Velocity Processing strongly encourages clients to confirm deposits against sales and settlement reports to ensure the accuracy of their deposits.

All clients are responsible for having sufficient funds in their account to cover (1) the monthly expenses associated with their merchant account, (2) any chargebacks initiated against their merchant account, and (3) any refunds provided when the credit and debit card sales total for the day is exceeded by refunds total for the day.

All clients are responsible for reconciling their bank accounts. Velocity Processing strongly encourages clients to reconcile as frequently as possible.

Processing software, shopping cart solutions, and cloud-based gateways all have settings to manage address verification. These settings have a material impact on how transactions are authorized, managed, and settled. All clients are responsible for these settings and should contact the vendor directly for any guidance. While Velocity Processing will provide assistance and help you understand the settings, we are unable to set the Address Verification Settings (AVS) as each business has different operational guidelines and risk tolerances.

Processing software, shopping cart solutions, and cloud-based gateways all have settings to manage the CVV (security code) value. These settings have a material impact on how transactions are authorized, managed, and settled. All clients are responsible for these settings and should contact the vendor directly for any guidance. While Velocity Processing will provide assistance and help you understand the settings, we are unable to set the Card Verification Value (CVV) as each business has different operational guidelines and risk tolerances.

Processing software, shopping cart solutions, and cloud-based gateways all have settings manage excessive authorizations, often referred to as velocity settings. The term "velocity" has no relationship to the name of Velocity Processing. These settings have a material impact on how transactions are authorized, managed, and settled. All clients are responsible for these settings and should contact the vendor directly for any guidance. While Velocity Processing will provide assistance and help you understand the settings, we are unable to set the Velocity settings as each business has different operational guidelines and risk tolerances.

Processing software, shopping cart solutions, and cloud-based gateways all have settings to manage email notifications and receipts. These settings have a material impact on how your business is notified of transactions that are authorized, managed, and settled. All clients are responsible for these settings and should contact the vendor directly for any guidance. While Velocity Processing will provide assistance and help you understand the settings, we are unable to set the email and receipt notifications as each business has different processes for managing communications.