Implementing Elavon

The Elavon setup process requires actions by your financial institution (FI), Narmi, and the Elavon team. These steps must be taken in a timely manner to ensure there are no delays to the funding process.

At a high level, the Elavon setup process contains the following steps. See the following sections for additional information and best practices.

1. Your FI completes the Elavon Merchant Account Setup Form.

2. Narmi uses information from the setup form to complete the Elavon Merchant Account Application on behalf of your FI.

3. Narmi sends the application to your FI to review, approve, and sign. Note: This will go to the principal contact listed.

4. Narmi submits the signed application to Elavon.

5. Once Elavon approves the application, your FI will receive two emails:

   • One from Elavon confirming the application was approved, providing your FI's unique Merchant ID, and additional instructions to set up your Elavon admin account (My Payments Insider Account)

   • One from the PCI Support team with instructions to complete a required questionnaire to attest to compliance

6. Your FI sets up the My Payments Insider Account.

Merchant Account Setup Form

As part of the Elavon setup process, your institution must complete the Elavon Merchant Account Setup Form. As a reminder, Elavon enables funding for new accounts via credit or debit cards. Refer to About Elavon for additional information regarding Elavon's role in the Narmi Account Opening process. 

Narmi will submit your application to Elavon on your behalf, leveraging the details you provide in the setup form. Feel free to reach out to your Narmi Implementations Project Manager with any questions or concerns. 

Below is some helpful information to refer to as you complete the Merchant Account Setup Form.

Principal Contact

We'll need a principal contact's personal address. This will not be utilized anywhere, it is solely for Elavon's authentication process to ensure that the contact provided is a verified as real person and affiliated with the company. This is the POC who will receive the final application for signature and account setup and does not need to be an owner or CEO.

Business Address/Legal Address

Business Contact phone number will print on all customer-facing receipts.

Projected Monthly Card Sales

This will be how much money you anticipate will fund account openings via cards monthly. We typically recommend taking a higher average based on the minimum/maximum funding amount per product and using funding restrictions within Narmi to tighten/loosen restrictions easily. You can change this in the future after getting some insight into being up and running on Account Opening, but the process can be a bit tedious.

For example, if you anticipate 100 monthly applications, with a minimum of $100 to open an account, you'd likely put in $10,000. If you cap card funding at $500, that's also something you can factor in if needed.

Average Transaction Amount

This is the average monetary amount you'd expect to see for funding an account via card.

For example, if you set the minimum funding for an account to $100 and, on average, users tend to open one checking account and one savings account when visiting your website, you might set the average to $200.

This value, along with the "highest average ticket," will be used to evaluate and flag potential fraud. In essence, Elavon is setting up security parameters to understand what normal activity is and what should be flagged.

Financial Institution Account Information

This account will be used to:

• Deposit new funds to your FI that new account holders deposited

• Withdraw any payment processing fees

Note: This needs to be a DDA account; it cannot be a GL account. 

If your FI would like to use separate accounts for consumer vs. business account deposits, you can do so. 

Documentation

Be sure to have these documents on hand and upload them as separate attachments:

• Business license 

• Latest available balance sheet

• Latest available income statement 

• Latest available cash flow statements

PCI Compliance 

To establish Payment Card Industry (PCI) compliance, your FI must complete a questionnaire. Once Elavon approves your application, your FI will receive an email from the PCI Support team. This service is provided with your account as a support to avoid fines from the card brands.  Every merchant needs to complete a questionnaire to attest to compliance.  Please work with the PCI Support team and let them know that you use Authorize.Net.  If you do not complete the questionnaire, you will be subject to a monthly Non-Compliance Fee.  For assistance, you can contact 1-855-750-0747.  You have 90 days to complete compliance before any Non-Compliance Fees will be charged.

My Payments Insider

My Payments Insider is Elavon's admin portal that your FI will access to view reports and statements, track card funding activity, manage users, etc. For assistance with this, please contact support at 800-725-1243.  Logins need to be created at www.mypaymentsinsider.com using your listed bank account number. 

Visit the My Payments Insider section for additional information.