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VeriCheck (VCI) Jump-start and Details
VeriCheck (VCI) Jump-start and Details

Vericheck Jump Start Quick set up guide providing details on rates, fees, pricing, and application details.

David Spark avatar
Written by David Spark
Updated over a month ago

If you're interested in the following through Spark :

  • Safely accept payments at the point of sale, via website or phone

  • Set up one-time or recurring payments

You'll need an account with Vericheck. Below will be how to Jump Start the process with VeriCheck as well as information concerning rates and fees.


VCI APPLICATION BOARDING INSTRUCTIONS

  • Completed Application * - Found Here

  • Driver’s License Copy

  • Imprinted Voided Check or Bank Letter of Account Verification

  • Copy of Membership Agreement that you require your students sign

The above items must all be submitted to get your application approved with VCI. Please send all paperwork to: [email protected]
Please be sure to read the 2 notes below before sending over your paperwork.


* NOTE 1 * Please be sure to add in the text as follows to your membership agreement that you use, as it is required to be in the agreement :
"
I agree to be bound by the ACH Rules as defined by the National ACH Association (NACHA). I understand that this authorization is to remain in full force and effect until Company has received written notification from me of its termination at least five (5) business days prior to the payment due date. I further understand that canceling my ACH authorization does not relieve me of the responsibility of paying my account in full, and that if I cancel or revoke this authorization before any remaining debt is paid in full, the Company may take additional actions including legal actions to secure the debt.

"

* NOTE 2 * On Page 2 of the Application you will be asked the processing parameters on your account. Please make sure these numbers are in line with your EFT/ACH Processing. If your High-Ticket Volume is larger than $1500, or your Monthly Transaction Amount is larger than $24,950, you will need to provide 3 Months of your most recent Bank Statements.

Once your ACH Merchant Account has been approved and boarded with VCI, your Spark Support Team will reach out to you to make sure you are ready to process your first transaction!


VCI TRANSACTION PROCESS

  1. Merchant obtains customer authorization to electronically transact from their account for payment.

  2. All transactions submitted in a day, prior to 6pm EST, will batch out automatically at 6pm EST.

  3. Once submitted, transactions take a minimum of 3 business days to process. Ex. A transaction submitted on Monday, before 6pm EST would settle on Thursday and show the next day in your bank account. Monday would be the submitted/entry day, Tuesday, Wednesday, and Thursday would be the three processing days.

  4. Settlement will take place at 6pm EST on the third day. All funds due to you will be electronically credited into the bank account you have provided for deposits.


PRICING DETAIL

$ .40 Per Transaction

.95% Base Discount Rate

.29% High Ticket Base Discount Rate

$ .15 Settlement Fee
$ .10 Account Validation Transaction Fee

$ 1.50 Standard Return Fee

$ 15.00 Monthly Statement Fee

$ 15.00 Monthly Minimum Fee

$ 40.00 One-Time Set-up Fee

$ 25.00 Unauthorized Return Fee (Ex. Stopped Payments that the customer deemed unauthorized)
$ 50.00 Annual Fee

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