Once your application has been submitted via https://get.poynt.com/signup and you have selected your Poynt device, you will be “Approved to transact.” This means:
- You are approved to start transacting payments via Invoicing and Virtual Terminal
- You can can transact up to $10,000 or for 10 calendar days
- Our Risk team is reviewing your application and may reach out to you for additional information
You will hear from us within 1 business day, either confirming that deposits have been enabled, or asking for more information.
Why am I being asked for additional information?
As we complete the account verification process, we will either call or email you, requesting additional documents and information (such as Tax ID/EIN, driver’s license, and in rare instances, previous processing & bank statements). We will review the documentation within 1 business day of receiving it.
Based on the information provided, we will either:
- Ship you the terminal but keep a hold on the deposits, which will be lifted once you start transacting at a steady volume
- Ask for a refundable reserve and ship you the terminal; this reserve will be returned to you once you start transacting at a steady volume. In this case, you should start seeing money deposited in your account within 15-30 days
- Enable deposits right away and ship you the terminal
Please provide the information requested as quickly as you can to avoid any disruption to your processing.
What if I do not want to submit additional information?
Until we can confirm your account details, we will not be able to lift the deposit hold on your funds. You will be able to process transactions without completing the account review, but only up to 10 calendar days or $10k.
Do I need to provide additional information each time I process a transaction?
No, once your account has been verified, you can process transactions and receive deposits daily. However if we notice anomalies or suspicious transactions, we will place a hold on your deposits and follow up with you via email or phone.
What is the waiting period for my first Deposit on Poynt?
The first payout on every new Poynt account is typically paid out 7 days after the first successful transaction is received. However, it can take up to 30 days for businesses in certain industries that process more card not present than in-person transactions, or if your account is still in the verification stage.
This also allows Poynt to mitigate some of the risks inherent in providing credit card processing services. This initial payout timing requirement cannot be waived.
When will I receive my Terminal?
In most cases, you should receive your terminal within 2 business days of completing the application.
If we have asked you for additional information, upon receipt of that information and verification of your account, you should receive your terminal within 2 business days.
In either case, we will send you an email with the tracking number once the terminal has shipped.
Why is my application Declined?
At Poynt, we strive to make our platform available to as many businesses as possible and lower or remove the hurdles to be able to accept payments. Our platform facilitates payments by working closely with acquiring banks, issuing banks and card brands like Visa, MasterCard, Amex, Discover. Each institution has strict legal regulations that govern them and specific rules about the types of businesses they do and do not work with. Our Risk policy abides by their requirements. If your business does not satisfy the risk policy, we will decline your application.
If you have processed any transactions while your application was under review, then we will refund the payments made and your customers can expect to receive the funds within 5-7 business days.
Below are some examples of Prohibited merchant segments:
- Illegal businesses. Examples include
- Counterfeit items (violating IP laws)
- Illegal drugs
- Medical marijuana (illegal at the federal level)
- Pirated music
- Shady businesses
- Multi-level marketing
- "Get rich quick" e-books
- Businesses that pose a brand risk
- Sex toy shops
Why are Deposits Disabled on my account?
You might notice a deposit hold on your account, even after you have been transacting for a while. The two most common reasons for this disabling deposits are:
- our attempt to fund the bank account you provided failed
- we detected an anomaly in your transactions
We disable your deposits if we can’t fund your bank account, and the money gets returned to Poynt. Our support team will reach out to you to get updated bank account info before re-enabling your deposits.
Upon detecting an anomaly on your account, we protect your business by disabling deposits. Poynt’s risk team will contact you within 1 business day, requesting additional information before re-enabling them.
Why is my account Deactivated/Terminated?
If your transactions violate Poynt’s Risk policy, your account will be deactivated/terminated. Once an account is terminated, Poynt will refund your customers for payments processed that have not been transferred to your account yet. Please notify your customers that they will receive refunds within 5 business days for the transactions you processed through us.
Please ship the device back to us within 5 business days using the prepaid shipping label which will be emailed to you within 1-2 business days.