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What is a Payment Card?
What is ACH?
Are there any bank charges for
ACH transactions?
Are there any fees to enroll or
to use this payment method?
How is my loyalty membership
card used for payment?
Why use my payment card rather
than a debit card?
Why are you able to reduce the
price per gallon at the pump?
Is my information secure? |
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What is a
Payment Card?
A payment card
is a
loyalty card, or membership
card that has been authorized to conduct an ACH transaction. It is a form of an
electronic check with a secured User ID for verification and security purposes.
What is
ACH?
The Automated Clearing
House (ACH) Network is a highly reliable and efficient nationwide,
batch-oriented, electronic funds transfer system governed by the NACHA Operating
Rules that provide for the inter-bank clearing of electronic payments for
participating depository financial institutions. The Federal Reserve and
Electronic Payments Network act as ACH Operators, central clearing facilities
through which financial institutions transmit or receive ACH entries.
Examples of
ACH Payments include:
- Direct deposit of payroll,
tax refunds, Social Security and other government benefits
- Direct payment of consumer
bills such as mortgages, loans, utility bills, and insurance premiums
-
Business-to-business payments
-
E-checks
-
E-commerce payments and
federal, state, and local tax payment
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Are there any bank charges for ACH transactions?
Banks do not charge for ACH
transaction. This is the same method that is currently used for paying mortgage
payments, car payments, and any authorized debits from your bank account. It is
possible that some banks may charge a monthly fee for such (ACH) services, so
please check with your bank for details.
Charges will apply from your bank and from National Payment Card if your
transaction is returned as NSF (Non-Sufficient Funds). The fee for NSF varies
from $20 to $35 and depends on the statutory laws that your state has for checks
with no funds. You may wish to contact your bank for their fee structure.
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Are
there any fees to enroll or to use this payment method?
No. There is no enrollment
fee and we do not charge fees for use of your card. However, your bank may
charge fees relating to the withdrawal of money from your checking account.
Check with your bank for details.The only time you will incur any fees with the
program, from National Payment Card LLC, is in the event of an NSF transaction.
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How is my loyalty membership card used for payment?
National Payment Card LLC has patent-pending technology that enables you to link
your checking account and your Personal Identification Number (PIN) with your
payment card (loyalty card) so that you may pay for goods
and services at participating merchants’ businesses.
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Why use a payment card rather than a debit card?
Debit cards and credit cards are forms of payment that carry large merchant fees
from the banking and credit card industry. These charges are transparent to the
consumer. However, these charges limit the ability of the merchant to pass
rewards directly to you.
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Why are
you able to reduce the price per gallon at the pump?
When you choose to use this form of payment, the merchant is able to pass the
savings to you. Retailers operate on low margins and a high cost of their
operation is the credit card processing fees. When you use a credit card at the
station, the merchant pays about 2% of the amount you spend to the credit card
company. That is expensive for the retailer. Since most gas stations are not
equipped with the technology to accept a check and consumers seldom carry checks
when they go to the station, payment by check is not practical. However, in
essence, the ACH payment card is a check that you authorize which electronically
debits your bank account.
The retailer passes the savings to you as a rollback on the price per gallon for
using a lower cost payment method. The retailers would rather reward you
directly than pay the higher cost to the credit card companies. It is a WIN/WIN
for both you and the retailer at whose business the transaction and the exchange
of goods take place.
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Is my information secure?
The security of your data
is very important to our business. We do not resell or disclose any information
to a third party. The data you have provided is required to enable us to verify
and link your information to your card to be able to perform an ACH debit
transaction.
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