 |
FAQWhat is a Merchant Account?A Merchant Account allows you to accept credit cards for payment from your customers and establishes your business as a Credit Card Acceptor with the Card Associations (Visa and MasterCard). When are the funds credited to my bank account?Funds will be directly deposited into your bank account within 48 hrs. Is the full amount of the transaction deposited to my bank account?Yes, the full amount will be credited. Any fees are automatically debited at the end of each month. Do I need to open another bank account?No. The funds can be deposited to any existing U.S. checking account. Can I accept American Express and Discover?Yes. The Merchant Services application will allow you to apply for American Express and Discover. Let your sales representative know that you would like to apply for American Express and Discover. American Express and Discover set their own rates and fees and are not reflected in the program pricing plans - please allow 2 weeks for approval. Can I add the Visa and MasterCard logos to my web site to let my customers know that I accept credit cards for payment?Yes, you can download the Visa and MasterCard logos at the following links: Visa Logo: If you do not have your own website, contact your advertiser about having the Visa and MasterCard logos added to your listing. Why do I need to provide personal information on the merchant account application?A merchant account is a type of credit facility as the Credit Card Processor deposits funds to your bank account before they have collected funds from the Issuing Bank/Cardholder. The Credit Card Processor is required to perform its due diligence to ensure that its merchants are credible businesses. Can I sign up even if my business is not incorporated?Yes, if you have a U.S. social security number, U.S. checking account, and a U.S. mailing address you can sign up for the program. How long does it take to sign up?After you complete the Application, the process should take 4- 5 business days. What is a Chargeback?A chargeback is the reversal of a disputed sale transaction. When a chargeback occurs the amount of the chargeback is debited from your bank account. See the Visa Card Acceptance Processing Guide - How to Reduce Chargebacks at: http://www.visa.ca/en/merchant/pdfs/card_acceptance.pdf What is a payment gateway?A payment gateway authorizes a credit card transaction through the Internet, securely encrypts it and submits an authorization request to the card-issuing bank. It then submits the transaction to the credit card processor which deposits the funds into the merchant’s checking account. |