Understanding NSF Fees for SPARK MINDS Merchants
Non-sufficient funds (NSF) fees are a specific type of charge applied in cases of insufficient funds during transactions. For SPARK MINDS merchants, these fees vary depending on the specific context of the transaction. Below is a detailed breakdown of how NSF fees work and when they might vary.
Overview of NSF Fees
NSF fees are charged as a penalty or processing fee in cases where funds in an account are insufficient to cover a transaction. These fees can apply to merchants or customers based on the nature of the transaction and the party responsible for the shortfall.
NSF Fee Structure
Merchant Liability for NSF Fees
Merchants are charged a flat $35 non-sufficient funds fee when a transaction on their merchant account fails due to insufficient funds. This fee is governed by Priority's policy and applies in cases such as late payments on a merchant account, or insufficient funds in the merchant's account.
Customer Liability and Exception Cases
When a merchant processes a transaction and the customer’s credit card has insufficient funds, the merchant is not charged the $35 fee. Instead, a 10 cent authorization fee is applied in these circumstances. This exception typically covers small transaction amounts and specific cases of customer payment failures.
The variation in fee amounts arises from differing responsibilities: - When the merchant account itself faces insufficiencies, the $35 fee applies. - When the customer’s payment method is at issue (e.g., insufficient funds on a credit card), the fee to the merchant is limited to $0.10.
Seeking Additional Information
For cases where fees may not be clearly visible within SPARK MINDS systems or require external verification, merchants are encouraged to contact Vericheck. NSF fees and associated aspects are often managed by Vericheck, and their team can clarify any specific questions about fee amounts, reasons for charges, or adjustments.
Summary
To summarize:
$35 NSF fees are applicable to merchants for failed transactions or late payments on their accounts.
A $0.10 authorization fee applies in customer liability cases, such as declined credit card transactions.
Detailed, case-specific fee clarifications can be obtained through Vericheck.
If you have questions beyond this article's scope, please reach out to Vericheck or SPARK MINDS support for assistance.