Corporate & Institutional FAQs

Interchange is the fee associated with exchange of transaction data between acquiring (merchant) and issuing (cardholder) institutions in accordance with the Visa® and MasterCard®  bylaws and rules.  The interchange fee is actually paid to the bank that issued the card while the merchant's bank is charged the interchange fee.   Merchant transactions are gathered for processing every night;  these transactions are routed to the cardholder's account to be charged and merchants are credited accordingly. 

Contact your local NOVA Merchant Sales Representative to add the capability to accept additional card types.   If you have received an account number for any of these card types directly from the card company, contact Merchant Customer Service at (877) 326-7990with your identifying account numbers and request that they be added to your NOVA Merchant Services account

You should contact your local NOVA Sales Representative if you are adding additional locations to your existing business.

Surcharging credit card transactions is strictly prohibited by the card associations,* MasterCard® , and Visa® .   A merchant may, however, offer discounts for cash transactions provided it is clearly disclosed to cardholders as a cash discount and the cash price is presented as a discount from the standard price available for all other means of payment.

*MasterCard® modified its regulations to allow the IRS to assess a 2% convenience fee.   No other industries were part of that modification.   Visa®  is not part of the IRS program and has no exceptions to surcharge prohibition

Merchant Services can process Visa®, MasterCard®, American Express®, Discover®, Diners Club®, JCB® and check cards.   Note that Diners Club® and JCB® are unique in that you will have to contact them directly to establish a unique "SE" number.  Once we receive your "SE" number we can facilitate your acceptance of Diners Club® and JCB® cards through our processing system.

Visa® & MasterCard®  have different interchange requirements based on industry type and method of transmission.   Transactions that do not meet these requirements are billed at mid-qualified or non-qualified rates.   Review the Visa® & MasterCard® Interchange Qualification Criteria to ensure your transactions are being processed correctly. 

No.   Once you enter into a Merchant Agreement you must display the Visa® and MasterCard®  marks and accept all valid Visa®  or MasterCard®  cards properly presented for payment. 

Your account will be charged for all appropriate fees on or around the fifth of the month, via an Automated Clearing House (ACH) transaction.   Details of fees will appear on the merchant statement that you will receive the first full business week of the month following activity on your account. 

Funds are electronically settled within two business days.

Yes.  We charge set up fees to cover costs associated with credit underwriting and deployment.   Your Sales Representative will let you know what the fee will be.