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Merchant Account Services FAQs

Q: How do I know which MYOB Merchant Account is right for my product?
A: An MYOB Merchant Account can be used in conjunction with an MYOB Accounting or Point of Sale product, or it can be used as a stand-alone - entering transactions into the MYOB Virtual Terminal online. The Standard Merchant Account allows you to process transactions from Checkout, AccountEdge, FirstEdge, Premier Accounting and BusinessBasics. Anyone can benefit from the Secure Web Pay and Recurring Billing components of the Pro Merchant Account, but these transactions can only be exported into AccountEdge or Premier Accounting.

Q: What is an MYOB Pro Merchant Account?
A: An MYOB Pro Merchant Account includes the benefits of a Standard Account, plus: Secure Web Pay, MYOB Software Export, Recurring Billing, and Remote Credit Card Processing.

Q: What is an MYOB Standard Merchant Account?
A: An MYOB Standard Merchant Account allows you to process credit card transactions from within your MYOB software.

Q: With what versions of MYOB software does it work?
A: Current versions of MYOB software support Standard Merchant Accounts. Pro Merchant Accounts are available for current versions of AccountEdge, AccountEdge Network Edition, and Premier Accounting software.

Q: How do I apply for a merchant account?
A: The application process is simple, fast, and easy. You can begin the application process online or you may call 800.322.6962 and have a customer care representative fax an application to you.

Q: How long will it take to get approved?
A: Approval for a credit card merchant account can take as little as 2 business days. For MYOB Vendor Payments and MYOB Direct Deposit, approval can take as little as 24 hours.

Q: What credit cards will I be able to accept?
A: You’ll be able to accept: VISA, MasterCard, American Express and Discover.

Q: What information is required to complete the application?
A: Documents supporting company ownership (DBA Certificate, Corporate Resolution, etc), a voided check, copies of bank statements over the past two months and, depending on the merchant type, you may also need to provide signed Federal Tax Returns from the past two years as well as your
most recent fiscal year end business or personal financials.

Q: Can I use my existing Merchant Account?
A: No, you will have to apply for a new merchant account in order for the service to work with your MYOB software.

Q: What type of transactions can I record?
A: You can record credit card sales, debits and voids.

Q: What does the service cost to get started?
A: Click here for pricing.

Q: Whom do I contact for support?
A: Support for all MYOB features is provided through our Complete Support Plan. Call our friendly Software Support Reps at 800.322.6962 for more details on MYOB Support Plans and payment options.

Q: What rate will I be charged when I accept a credit card?
A: If you use a swipe card reader to enter the credit card number into MYOB, your rate (swiped rate) will be as low as 1.79% plus $0.25 per transaction. If you manually enter the credit card number into MYOB (key entered), your rate will be as low as 2.29% plus $0.25 per transaction.

Q: How does the card swipe work?
A: The card swipe reader is a USB-based device that plugs into any Mac or PC that supports USB. No device drivers are required. Currently, only the card swipe reader supplied by ACH Direct will interact properly with MYOB accounting software programs. A card swipe reader can be purchased for $89 plus shipping and handing during the application process or by calling the MYOB Customer Care department at 800.322.6962.

Q: Once my application is approved, how long will it take until I can process credit card transactions in my MYOB software?
A: Once you are approved, you are immediately ready to begin processing credit card transactions.

Q: Why do swiped rates differ from manually entered rates?
A: Swiped rates are lower because there is less risk (you physically have the credit card in hand, and more data can be read from the card) vs. just entering a card number.

Q: When do the funds show up in my bank account?
A: Funds are transferred into your bank account within 2 business days beginning the day after the transaction is approved.

Q: How secure is the transaction?
A: We use industry standard encryption protocol to keep customer card information secure. The processing bank is responsible for fraudulent charges.

Q: Will I need to purchase additional equipment to accept credit cards?
A: No, the only equipment, aside from your computer and a web connection, is an optional credit card reader priced at $89.

Q: Who is the back end service provider?
A: MYOB Merchant Accounts are powered by ACH Direct, a supplier of merchant transaction processing services and an industry leader in providing high tech processing solutions.

Q: Can I accept a debit card from a customer as a payment?
A:MYOB Merchant Account Service accepts American Express, Discover, MasterCard, and Visa cards. If you enter a card that is both a debit and a credit card when using the MYOB Merchant Account Service, the MYOB Merchant Account Service will process the transaction as a credit card transaction. True debit card payments where a PIN number is required can’t be processed using the MYOB Merchant Account Service.

Q: Can I print a receipt for Credit Card Payments ?
A: There are 2 ways in which you can print a receipt for a credit card transaction in your MYOB software. Once a transaction is authorized, you will be prompted to print a receipt. The other way to print a receipt is through the Sales Command Center.

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Secure Web Pay

Q: Will I need a second merchant account to use with Secure Web Pay?
A: It depends. The merchant account associated with Secure Web Pay must be a Web Merchant Account. If you have an existing MYOB Merchant Account that is either MOTO (Mail Order/Telephone) or Retail, you will need to get a second merchant account. By getting two accounts, you will get the lowest rates available for each transaction and limit the incidence of downgrades (i.e., surcharges from the credit card processor for specific transactions). While you will then have two Merchant ID numbers, they will be merged into one logon for the MYOB Virtual Terminal, providing reporting and visibility for each account. Your MOTO or Retail MID number would then be used for processing transactions from your MYOB software and the Web MID number would be used for processing transactions via your Secure Web Pay page (with the ability to then export those web transactions from the Virtual Terminal to your MYOB software).

Q: Will I be charged additionally for the second merchant account (if I need one)?
A: No. You will be charged standard Pro Merchant Account fees.

Q:  Will Secure Web Pay integrate with my current shopping cart?   
A:  No, Secure Web Pay is intended to be a simple, stand-alone web payment tool for those seeking to accept credit card or eCheck payments online.   

Q:  Am I able to export payment activity from the MYOB Virtual Terminal and/or Secure Web Pay into the MYOB software?
A:  Yes, you are able to export activity into your MYOB software using the Export to MYOB option in the Virtual Terminal.  

Q:  Will Secure Web Pay accept payments against a specific invoice in my MYOB software?
A:  You are able to import customer payment activity into your MYOB software, but they will not be associated with a specific invoice.  You are, however, able to include a custom field within Secure Web Pay so that your customer is required to add an invoice number to their payment.  That information can be viewed in the payment reports in the Virtual Terminal.

Q: Can I customize the Secure Web Pay interface for my business?
A: During the setup of your Secure Web Pay page, you can add images, logos, text boxes and custom fields so that the Secure Web Pay page is more tailored for your business needs.

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Recurring Billing and the MYOB Virtual Terminal

Q:  How does payment activity from the MYOB Virtual Terminal and/or Secure Web Pay get into the MYOB software?
A:  If you have a Pro Merchant Account, you are able to export the activity to your MYOB software using the MYOB Virtual Terminal. MYOB Premier, AccountEdge, or AccountEdge Network Edition are required to import transactions.

 

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Direct Deposit and Vendor Payments FAQs

Q: What is MYOB Direct Deposit?
A: MYOB Direct Deposit allows you to pay your employees from within MYOB software and deposit the funds directly into their checking account.

Q: What is MYOB Vendor Payments?
A: MYOB Vendor Payments allows you to pay your vendors, including 1099 contractors or commissioned salespeople, from within your MYOB software and deposit the funds directly into their checking account.

Q: What do these services cost to get started?
A: There is a one time set-up fee of $79 and a one time application fee of $50.

Q: Are the transactions actually posted into my MYOB software?
A: Yes.

Q: Will I need to purchase additional equipment to make direct deposit or vendor payment transactions?
A: No.

Q: How many Electronic Payments linked accounts can I have?
A: MYOB allows only one linked account for Electronic Payments.

Q: What happens when an Electronic Payment transaction is Declined?
A: When a transaction is returned as declined, you should verify all the information you collected from the employee or vendor before you reverse the transaction and handle the payment in a different way. A declined transaction remains listed in the Prepare Electronics Payment window until you correct inaccurate information , process it again and receive an Approved status, or you delete or reverse it. A Process Electronic Payment Receipt will also launch for each Declined transaction. This receipt includes a code and description of the decline reason and a receipt ID number, as well as the date, account name, and amount of the transaction.

Q: How long does it take from the time a transaction is Authorized until it hits the correct Vendor/Employee Account?
A: Once a transaction gets an Approval status, there is an additional period of 24 business hours in which the funds are accessed, the destination account is identified and so on. During this period and through the process, the potential still exists for the payment to fail. Click the Get Update button to open the Online Error Notification window where any transactions that fail during this processing period are listed. If a transaction appears in the Online Error Notification window, you should reverse it and handle the payment in a different way.

Q: How long does it take a Direct Deposit transaction to reach the Employee’s bank account?
A: Normal process time is 2 business days beginning the day after the electronic payment is processed. For example, if you want to have payroll funds reach the Employee's account on Friday, the Electronic Payment transaction should be processed on Wednesday 7:30 PM EST.

Q: Can I process credit card payments in all currencies?
A: You can only process credit card transactions in US Dollars.

Q: What happens if I press the authorize button twice in the receive payment screen for credit card processing?
A: You will receive an error message in your MYOB software, and be given the option to record anyway.

Q: Are Credit Card Transactions, Vendor Payments, and Direct Deposit transactions editable?
A: You need to have the preferences set in your MYOB software to be able to edit these transactions.