Welcome to ToolBox’s Frequently Asked Questions page
Whether you are a service contractor, a pizza shop, a doctor, an e-commerce website or the millions of other industry types , a merchant account is needed if you want to accept credit cards as a form of payment.
Home service contractors can accept various types of payments including cash, checks and credit cards (Visa, MasterCard, Discover and American Express). In order to accept these credit cards, a merchant account must first be set up.
ToolBox offers 3 ways: (1) mobile payments app via your smartphone; (2) virtual payment gateway using your computer/ point of sale system and (3) credit card terminal.
ToolBox’s pricing is very transparent and easy to understand…
There’s no guesswork our pricing, that is sure! You see what you pay with each transaction—what you see is what you get, period. Plus you can always log in and see your rates and info at any time in your personal dashboard.
You never deal with odd fees that are added to throw you off…
No startup fees, statement fees, weird refund fees, PCI scanning guideline fees, business card fees—etc. you understand… No games.
You pay the same rate for all the different credit cards…
Visa, Mastercard, Discover, and, yes, even American Express all cost the same rate. ToolBox doesn’t charge different rates for different credit cards.
Setting up a merchant account is easy with ToolBox…
Download the ToolBox app from the app store and after completing our questionnaire, you will be approved very quickly.
Many of our clients want a custom solution –whether it is working with an organization that wants a POS Solution for their corporate office and a mobile solution for their contractors on the road. In these cases, it is best to contact our office and will customize a solution that is right for your organization.
Many payment processing companies have contracts and termination fees. This is a hidden fee in our industry. At ToolBox, you can rest assured that we never charge a contract fee or a termination fee.
A merchant discount rate is a basis-point percentage that is charged on every transaction accepted by a merchant for either the sale of a good or a service that has been performed. It is the rate that has been assigned by the issuer of the card in conjunction with Visa, MasterCard, Discover, or American Express.
Interchange is the fee that Visa and MasterCard charge. This is where there are a lot of hidden fees within the industry—there are more than 300 interchange levels within Visa and MasterCard. There are rates for personal credit cards, reward credit cards, corporate credit cards, international credit cards, and debit credit cards. All of these have a fee associated with them.
So, for example, let’s say there is a swiped transaction, a face-to-face transaction between a contractor and a client. Maybe the rate is 1 percent, but there is very low risk. The contractor is swiping the card in person. However, if they get the card number over the phone then there’s more risk involved and the odds of fraud are higher. For this reason, Visa and MasterCard put a higher rate and a higher interchange.. So, maybe instead of 1% it increases to 3%. That interchange rate is universal across all credit card companies. It’s the other fees that the processors put on top of that such as transaction fees and monthly fees and compliance fees that create the whole effective rate.
And what’s very important to understand is that many companies will take the lowest interchange rate. So let’s say it’s 1.2% which sounds so low. They’ll say, “Hi so-and-so, our rate is 1.2% and the truth is, they’re right. There is a rate that is 1.2%. If you get this particular credit card, you’ll be charged 1.2%, but it may be that out of a 1,000 transactions only one credit card hits that very low level. So, that’s why it’s so important that your credit card company shares with you an interchange summary and really breaks down for you every transaction. If you are considering switching processing partners or starting up, they should show you exactly what every fee should hit at.
The transparent flat fee is 2.55% + .10 per face to face transaction. For card not present transactions, the fee raises to 3.35% +.15.
Transactions or a daily batch of transactions will get to your bank account the next business day as long as they are processed prior to 9pm eastern Monday to Friday. Any weekend batch gets processed on a Monday as the federal reserve that moves funds across bank lines are closed on the weekends and all federal holidays.
Yes, you can manually enter credit card information. Tap ‘Accept Payment’, enter the payment amount, and then tap the ‘Manually Enter Card’ tab.
Tap the ‘Payments’ tab on the ToolBox home page. Next, tap on the recorded payment. Then, tap the ‘Void Transaction’ button (highlighted in orange). Voids can be done on a transaction within the same business day before the batch settles for the day (until 9PM EST). Voids will not be able to be done on the following business day.
Refunds can be done on our back-office system called “Cardpointe”. Instructions on how to access this system will be given in your welcome letter from ToolBox Go LLC at the time you are set up with our mobile app.
Yes, you can accept a payment if your phone contains a data plan.
A pending payment in your bank account means that there is a deposit that has come into your bank and is waiting to be posted to your bank account. It is pending because your bank has not released it to your bank account. Each individual bank has different times in which transactions are posted to bank accounts. Check with your bank to find out times in which funds are posted daily.
Customer receipts are created and emailed at the time of a transaction from our mobile app. If you need to reprint or resend a receipt, you can go to the Cardpointe gateway and search for the transaction by date and email (a receipt from the transaction in the back-office system).
A chip card must be inserted into the Bluetooth card reader. A chip card can only be swiped if either of the below occurs:
a. There is a problem with the chip card
b. The chip reader device is not working
Within the ToolBox app, you will see a little credit card icon that says “Payments” tap this icon. It will open up a list of all your payments/transactions by month.
You can swipe Visa, Master Card, Discover, and American Express credit cards.
If a card declines on the first attempt, attempt it once more. If it declines on the second attempt, ask for another form of payment or a new card. Declines are valid responses. Your back-office system, Cardpointe, will list all declines. If you click on the transaction, it will tell you why it declined.
Card Connect is a payment processor owned and operated by Fiserve (formerly known as First Data Corporation).
Accepting Credit cards via ToolBox is an easy and seamless way to significantly increase cash flow. The ToolBox mobile app offers an on the go, simple, and mini back office system. The app is designed for anyone who needs to accept payments immediately, create jobs, schedule jobs, utilize GPS tracking, and email receipts to clients.
Yes. The flat fee for keyed- in transactions is 3.35% + .15. A face to face transaction has a flat fee of 2.55% + .10.
No. Other than the flat fee per transaction, there are no hidden fees.
You can purchase the Bluetooth card reader via the ToolBox sign up process. When reviewing your merchant account application on Card Connect, you can purchase the card reader for $100 and have it delivered to your address.
Yes, it needs to be charged. Plug the wire extension into a nearby USB port or outlet. The Bluetooth reader needs to be fully charged for a minimum of 4-6 hours before use. It comes in a box with a minimal charge. Before use, be sure to turn on your blue tooth service and power on the reader. The reader will connect automatically when you accept payment and choose to swipe the transaction vs. keying the transaction.