Why do we have to give MySchoolPayment.com authorization to make deposits and withdrawals to our school bank account, and authorization to make charges to a credit card?
This is a standard practice in the industry. The acquiring bank uses an automated system to electronically deposit payments into the merchant’s account, or to electronically withdraw collections. We use electronic funds transfer to deposit funds directly into your account to help minimize our overhead and provide an economically feasible means for you to be able to accept credit cards. You will usually receive payment for the donation before the card holder receives their credit card statement. A card holder has several months to dispute a charge, and if an individual who made the donation claims the charge is incorrect or fraudulent the funds have to be returned (charge back) unless you can prove otherwise. We need to be able to withdraw money from your account, or charge your credit card if necessary, to cover such a claim. The annual membership renewal fee will also be automatically charged to your credit card when it is due.
Related Questions
- Why do we have to give MySchoolPayment.com authorization to make deposits and withdrawals to our school bank account, and authorization to make charges to a credit card?
- Does GamezAddict impose any feses or charges for processing deposits or withdrawals?
- Who pays the bank charges for deposits and withdrawals of funds?
