If you are visiting this page, the chances are high that your company will be taking payments through myKaarma. It is our job to make sure that the money taken through our terminals end up in your bank account!
For this to happen, myKaarma needs to speak with your merchant processor. But we need you, the business manager, on the call with us.
Why do we need to call the merchant processor??
myKaarma needs to create the appropriate channels for your money to stream through. In order to have your transactions deposit into your account with our system, we need to apply for two brand new merchant accounts. One for online transactions, and one for card present transactions.
Why does myKaarma need to be on the call??
Our on-boarding specialist will answer all of the configuration specific questions for you. Over the past year, we have found that each merchant processor requires different configurations, with special needs to configure the account correctly. Plus, we believe that the less work we give you, the happier you are! myKaarma will be able to apply for your merchant accounts with you. And in return, we will be minimizing turn around times & avoid configuration mistakes and frustration.
Are any of my processing rates or deposit times going to change??
Absolutely not! We will be using your exact same processor. So whatever processing rates you have negotiated with them, will remain the same. Additionally, all of your transactions will deposit into your account within the same amount of time that they do now!
All we are doing is allowing our gateway (CreditCall) to aggregate your payments so the transactions can be taken online and through our application.
It's a new system, how am I going to reconcile??
myKaarma makes this easy! At the end of each night, myKaarma will automatically compile each transaction from every station and email you a report every single night at 11:00PM. The report will be separated by advisor, RO, card type, & customer information. Not convinced yet? Here is a sample you can view for yourself.
(For the sake of customer privacy we have hidden full names & the last four digits of their card numbers)
As you can see, the reports reflect the sum totals of online payments, swiper payments and gross payments. The deposits will occur accordingly.
If you have any remaining questions, please feel free to reach out to your on-boarding specialist or to our support team. You can email them at email@example.com