Overview

SOUS partners with global platform, Nuvei, an electronic payment processing platform & company based in Canada. 

SOUS integrates securely with Nuvei via an API (Application Programming Interface) that allows your business to process credit and debit cards, as well as ACH (automated clearing house) transactions, online.

Definitions

Merchant:

A merchant represents a person or company that sells goods or services and in the context of payment processing refers to the business (you) that accepts credit or debit card payments from their clients. 

Merchant Account:

A merchant account is a bank account specifically established for business purposes where companies can make and accept payments. How do I open a merchant account?  

A merchant account is NOT a typical bank account. Merchant services accounts allow
 businesses to accept credit and debit card transactions or other forms of electronic payments from clients, with the aid of a payment gateway.

Payment Gateway: 

A payment gateway is a software application that connects an website (in this case, SOUS) and the financial institution that will authorize or decline a client's credit or debit card payment (Nuvei) to take and process secure card payments online. 

Payment Processor: 

A payment processor is a company (Nuvei) that handles transactions by communicating credit or debit card information between financial institutions so client's can purchase your goods or services online.

What does Nuvei do?

In it's simplest form, Nuvei's platform (Payment Gateway) allows you to transfer money from a client's bank account into your business's account by way of a credit or debit card transaction. 

Nuvei combines gateway functionality and payment processing and provides you with a Merchant Account to allow electronic forms of payment. The gateway securely captures and transmits the client's card payment information and Nuvei then processes the transaction (i.e. Funds from the client's bank are temporarily sent through a process utilizing your merchant account to deduct processing fees before sending the funds to the merchant's (your) actual bank account for your business. 

How it all works in SOUS

1. You send an invoice to your client 

 When you send an invoice to your client's email address via SOUS the client clicks a button within the email to make payment. The client is then presented with a simple checkout form and their card information is securely captured by Nuvei's Payment Gateway. The gateway encrypts this information and sends it to Nuvei for processing. 

2. Interchange fees are processed and charged 

The transaction data is routed to your credit card association (think Visa, Mastercard, etc.), who then charge the processor (Nuvei) an interchange fee (which then gets passed on to you) if the transaction is approved. The transaction is then approved or declined by the client's issuing bank. 

An interchange fee is used in the payment card industry to describe a fee paid between banks for the acceptance of card-based transactions.

3. Authorization is confirmed 

After approving or declining the transaction, the issuing bank transmits the information back to the credit card association. From here, it goes back to the processor (Nuvei) to learn of the approval or denial of the transaction. 

4. Processing & funding is finalized 

Assuming the transaction is approved, the client's issuing bank releases the funds which results in alerting the processor (Nuvei) who then actually processes the transaction, deducts the processing fees, and deposits the remaining funds into your business account (typically within 24 hours for credit/debit cards or 3-5 business days for ACH). 

If the transaction is declined, your funds might be held while the processor investigates.

FAQ

What are interchange fees? 

Answer: Each credit card issuer such as Mastercard or Visa has specific interchange rates for each card type. Each card network maintains their own interchange rates. These rate are subject to updates twice a year, in April and October. Detailed information regarding these interchange rates and fees for Visa and Mastercard can be found online through a simple Google search. 

Is SOUS Payments and Nuvei secure?

Answer: Payment Card Industry (PCI) Compliance, which includes Visa, Mastercard, American Express and other leading card brands, requires service providers, banks and high-volume merchants to follow strict security guidelines, including:  

• Building and maintaining a secure network.
  
  
• Protecting cardholder data.
  
  
• Maintaining a vulnerability management program.
  
  
• Implementing strong access control measures.
  
  
• Regularly monitoring and testing networks.
  
  
• Maintaining an information security policy. 

Nuvei has been issued a certificate of PCI Compliance toward the requirements of the PCI in accordance with the guidelines above and with a third-party security assessment, known as Data Security Standards (DSS) validation methods. In Nuvei's ongoing efforts to make payments safer, they are also a Participating Organization member of the PCI DSS Council.

Can I use a card reader? 

Answer: The SOUS platform do not currently offer a physical card reader or other electronic device for capturing payments via swipe, dip, or tap methods. The SOUS Platform, in partnership with Nuvei, is online only to help reduce the costs, time involved, and potential maintenance (purchase, setup, etc.) for our Chefpreneurs. 

Where are your policies? 

Answer: For additional information regarding... 

Nuvei's policies - click these links for their Terms of Service and Pricing Policy. 

SOUS's policies - click these links for our Terms of Use and Privacy Policy