At Cornerstone, we're committed to providing you with streamlined, secure, and transparent payment processing solutions. That's why we've partnered with Finix, a leading payment processing platform designed to enhance your financial operations.
Our collaboration with Finix ensures that your billing processes are not only efficient but also meet the highest standards of security and compliance, giving you peace of mind and faster access to your funds.
Understanding Finix: Secure & Transparent Processing
Finix is our trusted partner in secure payment facilitation. Here's what you need to know:
- PCI DSS Level 1 Compliance: Finix is independently audited and maintains PCI DSS Level 1 compliance. This is the highest level of security certification in the payment card industry, ensuring that your customers' transaction data is handled in a rigorously secure environment.
- Your Privacy is Paramount:
- Finix does NOT run your credit as part of the application process.
- Finix does NOT share your Personally Identifiable Information (PII) with unauthorized parties.
- For your complete peace of mind, we encourage you to review their comprehensive Privacy Policy HERE.
Key Benefits for Your Business
Transitioning to Finix through our partnership offers tangible advantages:
- Enhanced Customer Statement Clarity: Your business name will appear directly on your customers' bank and credit card statements. This clear recognition builds trust and reduces potential payment inquiries.
- Accelerated Funds Access: Improve your cash flow significantly. With Finix, you can gain access to your processed funds within an average of two business days.
- Note: If you prefer NOT to have daily deposits, you can opt in to 1x monthly deposits.
Securing Your Merchant Account: Necessary Documentation
To ensure a fully approved merchant account (in accordance with industry regulations like the US Patriot Act), providing certain documentation is a standard and crucial step. These requirements are typical for all merchant companies, as they are essential to verify your company's legal validity and prevent illicit activities.
Please note that Cornerstone is not privy to the exact list of documents Finix will require from you, as this can differ for every customer based on their specific business structure and other factors. Therefore, we may need to reach out to you several times via email to facilitate the request and submission of all necessary documentation as prompted by Finix.
Documents that MAY be requested include, but are not limited to:
- Articles of Incorporation
- A copy of the business or control owner’s driver's license (front and back)
- Official Bank Letter (confirming account details)
- Business tax address documents
- EIN Issuance Letter
Our team will guide you through this process to make it as smooth as possible.
Navigating Surcharging with Confidence
Our integration with Finix provides the capability for surcharging credit card payments, allowing you to offset processing costs. However, it's vital to understand that this practice is governed by a complex set of rules and laws.
Key Surcharging Considerations:
- Your Responsibility for Compliance: It is your responsibility to thoroughly review and understand all applicable state and local laws, as well as credit card network rules, regarding surcharging and the taxability of surcharges in your specific state.
- Legal Compliance is Crucial: Surcharging regulations vary by state and are subject to credit card network rules. You cannot legally surcharge on debit cards. While you cannot surcharge over the generally legal limit of 3% on credit cards, it is imperative to verify all relevant guidelines for your business.
- Where You Can Apply Surcharges: Our system allows you the flexibility to apply surcharges on either recurring charge(s), payment(s) processed through our customer payment portal, or across all payment(s).
- Customer Notification Requirement: Per credit card industry rules, you are required to notify your customers at least 30 days prior to implementing or toggling surcharging on.
For a complete understanding of surcharging restrictions and requirements, please review the detailed guidelines HERE.