Skip to main content

Getting ready for payments

Now that you have a merchant account for taking payments, this article will answer all your questions about where to start and what to expect.

Summary of Essential Steps

Your login for the app will not work for the Merchant Portal 

Shortly after electronic payments are enabled in the software, you can expect to receive an email from support@project2payment.com to confirm your new user account. This is a 2nd username and password you will need in order to access the Merchant Portal in the app; it does not replace the app's username and password. 

  1. When you open Project 2 Payment, you will use your app login credentials. Your username is your email address. 
  2. When you click Merchant Portal in the left sidebar, a pop-up window opens to a new login page where you will use your funding login credentials. This username is not your email address. 

The Merchant Portal is a different website powered by the processing bank (Payrix) to view merchant account details, deposits, processing fees, and customer disputes. 

Set up your funding login for the Merchant Portal

The purpose of the email sent from support@project2payment.com to confirm your new user account after payment processing is enabled is to confirm the email address associated with your merchant account. You must complete this step before you can use the Merchant Portal. The link will expire so it is important to act quickly.

  1. Open the email as soon as it arrives in your inbox.
  2. Locate the username in the body of the email.
  3. Click the Confirm Email button.
  4. You will be taken to https://funding.project2payment.com. Do not enter the username and password you normally use to sign into Project 2 Payment. Use the Forgot Password link to create a custom password.
  5. Check your inbox for a new email from support@project2payment.com with Forgot Password in the subject line.
  6. Locate and copy the password reset code in the body of the email.
  7. Click the Reset Password button.
  8. Paste the password reset code.
  9. Enter your Merchant Portal username.
  10. Create a new password, confirm it, and click Change Password. If you save the login credentials in a password manager, we highly recommend naming this login something like Payrix, Funding, or Merchant Portal instead of Project 2 Payment to avoid confusion.
  11. Since this is your first time logging in, you must set up multifactor authentication. Select whether you would like to use your preferred authenticator mobile app or SMS/text number. 
  12. Follow the portal prompts for MFA enrollment.

Tour the merchant portal

Now that you are logged into the Merchant Portal, take some time to look around so you know where to go when you need to look something up.

  • Dashboard is a general overview of key information about your account. Click into any widget to view details.
  • Balance Details displays your available balance, pending funds, and the entries journal. 
  • Payouts is a list of the deposits that have been sent to your bank account. Click any payout to see a detailed breakdown by line item.
  • Reports offers a suite of premade reports you can run to view and/or export information about transactions and payouts.
  • Profile in the upper right corner confirms all current merchant account details. 

Read important information about payouts

If a transaction is processed before 9:30pm eastern time, card payments generally deposit within 2 business days and eCheck payments generally deposit within 7 business days. For example, funds from a credit card payment created on Monday morning are normally in your bank account on Wednesday morning. Funds from an eCheck payment created on Monday morning are normally in your bank account next Wednesday morning.

  1. Once a payment settles, the funds from the sale and all applicable processing fees are added to your account balance.
  2. Log into the Merchant Portal.
  3. Go to the Payouts tab in the left sidebar to see the net amount that is available for funding. Click the Account Balance button to view the entries journal, which is the running list of every movement of funds on your account to explain your balance.
  4. Payouts are created at 6pm eastern time. If there is $10 or more in your available balance, a payout will automatically generate to send the money to your bank account. If the account balance is less than $10, the funds will stay in your available balance until the minimum amount is met. We do not debit for negative amounts until the account balance is greater than -$100 or the account balance is negative when you close your account.
  5. Payouts normally process same day and the funds appear in your bank account on the next business day. Please keep in mind that there is no movement of funds on weekends and holidays.

Where to see the fees deducted from a payout

  1. Log into the Merchant Portal.
  2. Go to the Payouts tab in the left sidebar.
  3. Locate the deposit and click Payout Details.
  4. Sales is the total dollar amount for all transactions included in this deposit. Click to expand to see the list.
  5. Miscellaneous Fees is the total dollar amount deducted for processing fees. Click to expand for details. The list includes each capture fee (discount rate & transaction fees), authorization fee, payout fee, rollovers, etc.

Important notes about fees totals:

  • Capture and authorization fees are displayed in two places on this page for reporting purposes only. The Sales section shows the total by transaction whereas the Miscellaneous Fees section provides the full list of every fee assessed.
  • The number of credit card sales and the number of authorization fees may not match as declined payments are subject to authorization fees.

The $0.50 payout fee is charged after a payout is successfully processed. 

  • You will not see a payout fee deduction on your first payout.
  • Your available balance after a successful payout is -$0.50 due to the fee for that payout.
  • When you look in the details of your next payout, the payout fee listed under Miscellaneous Fees was for your last deposit, not this one.
  • Fee calculation often leads to fractional amounts (example - $0.005), but we cannot fund partial pennies. Whenever a payout includes a partial penny, that fractional amount is held in the account balance and rolled over to the next payout. If you see -$0.49 available after a successful payout, that is a good indicator that there is a partial penny being held with your payout fee.

How to change your bank account

If you need to change the bank account linked to your merchant account, follow these steps:

  1. Log into the app
  2. Click Merchant Portal in the left sidebar.
  3. Log into your merchant account with your funding username and password.
  4. Go to Profile in the upper right corner.
  5. Go to the Banking section.
  6. Locate the primary bank account and click Edit. Do not add a new bank account. All funding must go through the primary bank account. Therefore, adding a new bank account will not reroute where we are sending the funds.
  7. Use Plaid to create a secure connection to the new bank account for funding. This is the fastest option because the account verification process is completed in seconds. If you do not want to use Plaid or your bank does not partner with Plaid, you can type in your account name, routing number, and account number. Manual entry requires a copy of a voided check and a manual review, which can delay the update by several days.

Is surcharging right for your business?

A surcharge is a fee you add to your customer's bill when they are using a credit card for payment to cover your merchant account costs/expenses. Many businesses like this because these fees are being paid by someone else. However, there are a lot of other considerations before you add it to your account.

  • The amount of the surcharge can be no more than the cost of acceptance and no more than 3% (whichever is lower) and debit cards cannot be surcharged. While you will recoup some fees, surcharging won't completely eliminate the cost of accepting credit cards.
  • If you issue a refund, the full amount of the payment including the full surcharge amount must be returned to the cardholder.
  • Surcharging is legally prohibited in some states and some state laws limit the surcharge amount beyond standard card brand limits. 
  • Consider how this impacts the customer experience. Many cardholders have a negative reaction to covering card processing fees and some avoid businesses that surcharge altogether. Are your clients more or less likely to react the same way?
  • What are your competitors doing? Is this the standard in the industry or could it cause customers to go elsewhere?

Helpful Resources:

If you decide that surcharging is right for your business, submit a request to add the surcharging feature to your account.