Drake Pay – Overview and Frequently Asked Questions

Article #: 18314

Last Updated: December 19, 2024

Tags:Drake Pay

Overview

Drake Pay is a secure, modern solution that you can use to streamline and simplify how you receive payments for tax preparation services. Multiple payment options are available whether you meet with your customer in-office or connect with them virtually via Drake Portals.

You can drive revenue and gain new customers by providing familiar payment options for your services including credit, debit, and contactless payment options.
You can expect to receive payment within two business days after processing.
The Drake Pay platform, in partnership with Inﬁnicept® Launchpay, is PCI compliant.
You will have access to educational resources and tools to ensure that your payment-acceptance processes are safe, secure, and PCI-compliant. These resources are available at no additional cost!
Drake Pay is integrated with Drake Software products, so invoicing, payments, and reporting are automated and hassle-free.

The video Drake Pay demonstrates how to apply for and use this new solution. Also see Drake Pay Transactions (with a POS Device) and Drake Pay Transactions (without POS device).

Frequently Asked Questions

Payments Terminology Glossary

Term	Definition
Acquirer, Acquiring Bank, Acquiring Financial Institution, Bank, or Sponsor Bank	Refers to an entity, typically a financial institution, that processes payment card transactions for merchants. See also Payment Processor.
American Express	Refers to American Express Travel Related Services Company, Inc. or its successors or assigns.
Card or Payment Card	Refers to an account, or evidence of an account, authorized and established between a Cardholder and a Payment Network, or representatives or members of a Payment Network, that the merchant accepts from Cardholders/customers as payment for a good or service.
Cardholder	Refers to the person or entity to whom a Card is issued or who is authorized to use a Card.
Card Network, Network, or Payment Network	The role of a card network is to facilitate transactions between merchants and card issuers. To do this, card networks create virtual payment infrastructures and charge merchants interchange fees for processing credit or debit card transactions. The four major credit and debit card networks are Visa, Mastercard, American Express and Discover.
Card Present (CP) Transaction	Refers to when payment details are captured in-person, at the time of the sale. Typically card present transactions cost less than card not present Transactions because there is more risk when there is no person or card at the time of purchase.
Card Not Present (CNP) Transaction	Refers to when neither the cardholder nor the payment card is physically present at the time of the transaction.
Chargeback	Refers to the reversal of any Transaction pursuant to the Operating Rules for whatever reason.
Client, Merchant, Sponsored Merchant Sub Merchant, Tax Preparer or Tax Professional	When these terms are used in reference to Drake Pay, they are referring to the legal entity identified in the Drake Pay Merchant Application.
Contactless Payment(s)	Refers to a type of payment that allows cardholders to make purchases without physically handing their card to the merchant or requiring the merchant to swipe it through a Point of Sale (POS) device. This technology, also referred to as “tap & go,” enables cardholders to tap their phone or card at an enabled POS device to authorize payment.
Discover	Refers to Discover Financial Services, LLC or its successors or assigns.
Mastercard	Refers to Mastercard International Incorporated or its successors or assigns.
Payment Facilitator or Launchpay	When these terms are used in reference to Drake Pay, they are referring to Launchpay LLC.
Payment Processor	A vendor that handles the transactional logistics of accepting credit and debit card payments. The role of a payment processor is to manage authorization and settlement of card transactions. When a consumer/customer uses a card to pay for their purchase, the processor receives the request and sends it to the card network. Once the network returns the authorization response, the processor routes that response back to the merchant. After transactions are authorized, they must be settled, which means that the funds must be moved from the consumer’s/customer’s bank to the merchant’s bank. The processor manages this process as well.
PCI DSS	Refers to the Payment Card Industry Data Security Standards.
Settlement	Refers to the transfer of funds from the acquirer to the merchant. For Drake Pay merchants, settlement typically occurs within 2 business days from the date of sale.
Settlement Account	Refers to the account maintained by the Merchant at a bank or depository institution acceptable to the Acquirer for credits and debits related to transactions, refunds, chargebacks, processing fees, indemnified losses, and other amounts payable to Acquirer or the Payment Networks.