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Launch27 Pay: FAQ

Launch27Pay FAQ

 

Launch27 is now backed by a $100 million dollar company. The core Launch27 team is still in place, but this new backing allows us to grow our team, improve the product, and provide an overall improved customer experience.

By tightly integrating payments within Launch27 Pay, we are able to deliver a higher level of service and support. The Fullsteam team brings well over 100 years of software and payments expertise to Launch27 and their expertise will be integral in providing a seamless experience from booking all the way to the deposit of funds into your account. 

Below is a list of frequently asked questions our team thought would be helpful to share. If you have any questions not listed below, please reach out to support@launch27.com, we are happy to get those questions answered for you.

 

 

Fees and Polices

What is Launch27 Pay’s standard rate?
The standard rate is 2.75% + 25c per transaction.

Will I be charged a fee for Chargebacks?
$25 charge for every charge back whether the dispute is won or lost. the dispute charge is applicable. There are no refunds for chargeback fees.

What happens if I decide to cancel my Launch27 account, am I able to request a token transfer to a different processor? If so, how do I go about doing that?
Yes, you will be able to request a token transfer. Every payment processor offers this service. You can either email paymentservices@fullsteam.com, or call 334-329-6775 and we will assist you.

What is launch27 Pay Terms and Conditions?
You can download a copy of the T&C from your application account.

 

 

Funds/Tranfers

When will I receive payouts for my transactions?
Our deposit speed is 2-3 business days.

Can I choose to transfer funds the next day/automatic transfer?
It’s a standard 2 day billing. Accelerated funding next day. 8:05 CT pm cut off for charges. $25/monthly for acceleration. Process: they can contact us. It’s automatic. Normally have funds at 8am CT.

With Stripe I can set up certain days for funds to be transferred to my bank account, can I do this with Launch27 Pay?
You will not be able to set up days when funds are transferred. This will be done automatically everyday if there are funds due for deposit.

Right now I have all funds captured for the month transferred on a single day. Does Launch27 pay have this option?
Not at this time. All funds are deposited daily.

Do Funds go directly to the my bank account after 48 hrs? Or do they sit in a separate account until I request for them to be transferred? If so how will I be able to access and view the funds before they transfer into my bank account?
Funds will be held in Launch27 Pay then transferred after 48 hrs to your company bank account. You will be able to view your funds in your Merchant Track account before they are transferred to your bank account. However, you will not be able to request for funds to be transferred. This happens automatically.

Are all funds transferred individually or are the funds grouped together and deposited by day, week or month? Is there any flexibility in this process? I have a limit to the number of deposits I can make into my bank account each month without acquiring fees.
All funds are grouped together then transferred everyday. Currently, there is no flexibility in this process.

My current payout schedule with Stripe is daily, will I have this option in Launch27 Pay?
Yes, we will deposit funds into your company bank account daily.

 

 

Holds/Charges

Can I pre authorize charges? (put on hold) If so, how many days in advance?
Yes, you can pre-authorize at any point.

If a hold does not get charged or released, does the system auto release it? After how many days?
Anything time you pre- authorize a card, the holds can stay for 7-10 days. However, if you void the transaction, we will send it back to the processor, and the hold should release at that time.

What will my customer see on their banking statement if a hold was released for their transaction?(does it show as a refund, will it depend on their bank)
It goes in a pending state then it should go away when the hold is released, but it ultimately depends on the bank.

How do Refunds work? How long will it take for the funds to show back in my customer’s account?
Depends on the issuing bank. May take up to 7 days for the refund to reflect.

 

 

Chargebacks/Disputes

Will I be charged a fee for Chargebacks?
$25 charge for every charge back whether the dispute is won or lost. The dispute charge is applicable. There are no refunds for chargeback fees.

What is the process for chargebacks? Will I be charged a fee for Chargebacks?
The cardholder (customer) disputes the charge. From there, the customer’s issuing bank does their research and determines if it’s a valid dispute. An email is then sent to you (the merchant) requesting supporting documents to validate the charge to the customers account. You (the merchant) will need to prove to the issuing bank the client took part in the transaction. If you (the merchant) does not respond back, then the chargeback will goes through. It is ultimately up to the issuing bank if documents are received. There is a $25 charge for every charge back. Whether you win or lose the dispute. There are no refunds.

How can I dispute a chargeback? Who do I contact? How long does it take? What do I need to submit?
It’s preferable to reply back when you are initially contacted by Fullsteam in regards to the dispute, or you can call on your own will. Fullsteam usually takes up to 5-7 business days to respond, but it can take up to 30 days. As soon as there are updates on your case, Fullsteam will forward the update, ultimately there will be some sign proof.

What happens if I dispute a charge from when I was using Stripe (before the switch)?
You will handle your Stripe disputes just as you handle them now. Any charges made via Stripe will not transfer to your Launch27 Pay.

 

 

Reporting

Will launch27 Pay have statements and downloadable transactions (csv or excel) either within the system or the merchant track page?
Yes. Statement reports are available on the 10th of the month. No CSV. If you want to look at transactions, you can run a transaction fee report and that will download in a CSV.

Do you provide any form of reporting on payment data? If so, what detail do you provide?
Absolutely. You will be able to find canned reports in your Merchant Track account and be able to customize them.

Also how will I be able to access reporting features? Will it be through my Launch27 platform or through the separate Fullsteam merchant portal?
You will log into your Merchant Track account which will be provided to you and will be located in your Launch27 account. You will be able to view financial reports, transactions, deposit balance, etc.

Will I be able to separate revenue from recurring clients and single one off services. I want to make sure that I will still be able to collect the data to separate this revenue in quickbooks.
We plan to create a way for clients to make this distinction in their Merchant Track account. Updates to come.

I want to make sure that I will still be able to collect the data to separate this revenue in quickbooks.
You will log into your Merchant Track account which will be provided to you and will be located in your Launch27 account. You will be able to view financial reports, transactions, deposit balance, etc.

 

 

General

Will I have fraud prevention?
Fraud prevention is done by the brands and the issuing banks, we handle this the same way Stripe does.

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