TERMINALS AND POS SYSTEMS
Equipment that is purchased from Velocity Processing carries a one year manufacturer warranty. Purchased equipment may be returned for a full refund within 10 days of purchase. To receive the refund, the equipment must be returned inclusive of all cables, power supplies, and peripheral devices. After 10 days, equipment may not be returned for a refund. Should you desire to exchange the equipment, there may be additional costs involved.
ORIGINAL FORM OF PAYMENT
All refunds will be provided to the original form of payment.
CREDIT AND DEBIT CARD PAYMENTS
All refunds issued to a credit card or debit card will initiate an electronic notification to you containing a receipt. Please note that once a refund has been processed, the issuing bank (i.e., the bank that issued your credit card or debit card) may take up to 10 business days to post the refund back to your account.
Elavon charges fixed expenses to keep merchant accounts active, regardless of processing activity. These expenses include, but are not limited to:
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.
PAYMENT IN ARREARS
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.
REIMBURSEMENT FOR INACTIVITY
Refunds shall not be issued for inactive accounts as Velocity Processing and Elavon maintain expenses for keeping accounts active and on-file.
REFUNDS FROM GATEWAY PROVIDERS
Each gateway provider has different billing schedules and refund policies. For questions about a refund from your gateway provider, please contact the provider directly.
Velocity Processing is a registered Independent Sales Organization (ISO) / Member Service Provider (MSP) of Elavon, Inc. Georgia, a wholly owned subsidiary of U.S. Bancorp, Minneapolis, MN. Elavon has been processing electronic payments for 37 years and maintains an "A+" rating with the Better Business Bureau.
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