Softrip Payments - Frequently Asked Questions
- Betsy Harbison
- Vincent Josset
Q: Can I schedule a demo of Softrip Payments?
A: Absolutely! We can also set up Softrip Payments in your test environment and walk you through the offering and process. We can also provide log-in credentials to our backend portal sandbox environment.
Q: What are the payments processing fees?
A: Each client is underwritten separately by Softrip’s partner, so we are unable to provide pricing without additional information. Our goal is to work with our partner to meet or beat your current rates.
Q: How are the fees handled? Are they per transaction?
A: Yes, we price on an Interchange+ model, meaning the underlying interchange rate is charged by card plus additional basis points.
Q: What forms of payment are accepted?
A: Currently, we only accept credit cards. eCheck/ACH acceptance development is in progress. We are hoping to roll out ApplePay and GooglePay by the end of 2023.
Q: What cards are accepted? Are there different fees for different cards depending on what the bank charges?
A: Visa, Mastercard, Discover, and American Express. The underlying interchange rate may vary by card, but the additional basis points are the same regardless of what card is used.
Q: Can we pass credit card fees along to our customers?
A: We do not recommend this, as there are state-by-state regulations on passing credit card fees onto customers, and the landscape is complex. We do have “cash discount” functionality available, which would incentivize eCheck/ACH payments.
Q: Who is the Softrip Payments partner?
A: Payrix (100% owned by WorldPay) is our partner. The sponsor bank is Fifth Third Bank.
Q: Does the Softrip Payments partner have PCI compliance documents?
A: Yes, these documents are available here:
Q: Are credit cards stored on file so we can charge the card for final payment?
A: Yes, once credit card information is provided, it is tokenized and stored for additional payments. Note that Softrip does not store credit card information in plain text. Instead, Softrip stores the last four digits of the card and a reference transaction returned by the payments provider, and then uses that reference transaction for subsequent charges.
Q: What information do I need to provide for onboarding?
A: To get started with merchant account onboarding, we will need the following:
Completed Application - https://payments.softrip.com/signup/SoftripSignup
A completed travel questionnaire
3 months of recent bank statements
3 months of recent processing statements
P&L and Balance Sheet for the following years. Accrual-based financial statements are strongly preferred:
2021
2022
YTD 2023 interim results
The documentation may be uploaded either directly into the application or within the portal once sign-up has been completed.
Q: How long will onboarding take? When can we get this up and running?
A: Once the merchant application is submitted, it should take 3-5 business dates to review the application and confirm pricing. We could deploy this to your test environment for testing and training within a week.
Q: Who owns the agreement? Do I sign an agreement with Softrip or the payments partner?
A: The merchant (customer) signs a sub-merchant agreement with our payments partner.
Q: How soon will I get my funds? What is the withdrawal schedule?
A: You will have the ability to set your own withdrawal schedule daily, weekly, or monthly.
Q: Who handles Softrip Payments support?
A: The Softrip Customer Satisfaction team handles all support requests related to Softrip Payments.
Q: Can I price in a currency other than USD? Can passengers pay in currencies other than USD?
A: All pricing must be in USD. If a passenger in another country is making a payment, the conversion takes place behind the scenes from local currency into USD.