What type of cards can I accept with PandaPay?

PandaPay is proud to be able to process all the major card networks such as Interac, Visa, MasterCard, American Express, Discover, Union Pay, JCB & Diners Club.

How long does it take PandaPay to deliver my equipment?

Your equipment will arrive in less than 10 business days after subscribing for our service.

What kind of support does PandaPay provide?

You have two levels of support when you become a PandaPay client. Your first level of support comes from your dedicated Client Relationship Advisor (CRA). Your CRA will provide you with his/her direct contact information in case you have any questions or concerns. In the event that your concerns require more technical assistance, PandaPay is proud to provide you with 24/7 technical support.

What is required to sign up with PandaPay?

The following may be requested:

  • a void cheque
  • a copy of your business license or business registration
  • the driver’s license of the authorized signer
  • a personal guarantee or third party business financials

What is a chargeback?

A chargeback occurs when a cardholder challenges a credit card charge. The process for investigating chargebacks is long and costly for both merchants and payment processors. In the event of a chargeback, PandaPay clients will receive a notice by mail or email to which they must provide a rebuttal to the cardholder’s issuing bank within 30 days.

How long does it take for the funds to appear in my bank account?

Your funds will appear in your bank account on the next business day after closing your batch.

When are fees removed from my account?

Unless otherwise requested, all the fees will be deducted from merchant’s bank account on the first business day of each month.

How long do refunds take to process?

Refunds are processed in real­ time and settled with the rest of your transaction batches. Your customer’s credit card statements may not reflect the refund for up to 10 days.

My business is seasonal. Do you offer accounts for business types like mine?

Of course! PandaPay will not charge your during your inactive months, but may charge a connection fee at the beginning of your season.

What is The Interchange?

The Interchange is the fee collected by the customer’s credit card bank on every transaction. These rates are set by Visa and MasterCard every year and apply to all processors. In other words, this is the true cost that a processor has to pay on every transaction. Please note that the Interchange fees are the same for all payment processors in Canada.

What is a non-PCI compliance fee?

This is normally a monthly fee for not being compliant with the PCI DSS standards. The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment.

What is the difference between the “effective merchant discount rate” (EMDR) and the “discount rate”?

The discount rate is the rate merchants are often quoted before signing up with a payment processor. It usually represents only 1 of many rates a merchant can pay. The effective merchant discount rate (EMDR) represents the actual rate being charged after considering all the various credit card types and their associated rates.

What is the Code of Conduct for the Credit and Debit Card Industry in Canada? And do you follow it?

The Code of Conduct came into effect in August 2010 and is intended to promote fair business practices and ensure merchants and consumers to clearly understand the costs and benefits of credit and debit cards in Canada. PandaPay is proud to go above and beyond the requirements set in the Code of Conduct. To read more about the Canadian Code of Conduct, click here.