QUESTION 1. WHAT IS A MERCHANT ACCOUNT?
A merchant account serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.
QUESTION 2. WHAT ARE THE REQUIREMENTS FOR A MERCHANT ACCOUNT?
Must have a physcial location in the US. If outside US then you must use an offshore merchant account.
Application Requirements for all businesses:
Additional Requirements for some businesses:
- Physical Location in the US.
- Checking account with an American bank in the name of the business or the merchant account signer.
- Explanation of business type (ie: LLC, Corporation, Sole Proprietorship, etc.).
- Federal Tax ID Number (EIN).
- Owner or Merchant Account signers SSN.
- Owner or Merchant Account signers address information.
- Product or Services LTD being sold information.
- Exchange and Refund policies.
- Intended method of accepting transactions (ie: swipe, internet, keyed, etc.).
- General business location type (ie: Shopping Center, Home Based, etc.).
- Copy of a voided check from merchants checking account.
Requirements for all internet businesses:
- Marketing material (ie: business card, brochure, advertisement, etc.).
- State or Federal Business License.
- Proof of business existence (ie: phone bill, utility bill, etc.).
- Proof or financial stability (ie: profit and loss statements, bank statements, etc.).
- Active website with DBA of website listed on application.
- Product delivery methods and timeframe clearly stated on website.
- Product prices in US dollars.
- Customer Service telephone number listed.
- Secure checkout system.
- Domain name registered to merchant.
QUESTION 3. HOW LONG DOES IT TAKE TO GET APPROVED AND SETUP?
- Retail Businesses (Swiped Transaction): The total setup time is around 3 - 4 days.
- Internet and Keyed Entry Businesses: The total setup time is around 3 - 4 days.
- Wireless Processing Businesses: The total time to be setup is 5 - 6 days.
*These are only estimates some may vary.
QUESTION 4. DO I NEED TO HAVE GREAT CREDIT TO GET APPROVED FOR A MERCHANT ACCOUNT?
Credit score is not a requirement for opening a merchant account, but a better credit rating can help speed up the application process. The only time that credit becomes an issue when opening a merchant account, is if a merchant has an open bankruptcy, or has been terminated from processing in the past.
QUESTION 5. WHAT IS AVS?
The address verification system or AVS is an electronic system that verifies the address of the card holder during a credit card transaction.This is mainly used in manual or keyed in transactions.
QUESTION 6. WHAT IS CVV, CVC, CV2?
CVV is a card verification system that verifies that a cardholder is in possession of a credit card by verifying a set of numbers that is embossed on the credit card and not encoded in the magnetic strip.
Each card issuer has a different name for the CVV system, but all are essentially the same thing. Visa refers to it as CVV2, Mastercard is called CVC2, Amex is CID.
The CVV number is located on the back of the card except for most Amex cards where it is on the front. Amex also uses a 4 digit verification code whereas all other card makers use a 3 digit number.
QUESTION 7. CAN I PROCESS THROUGH MY WEBSITE?
We offer several options that will allow you to process credit cards through your website.
- Our co-branded gateway
- Verisign Payflow Link
- Verisign Payflow Pro
QUESTION 8. WHAT IF MY BUSINESS IS NOT BASED IN THE US?
Call us for information.
QUESTION 9. SHOULD I PURCHASE OR LEASE EQUIPMENT?
If you can afford to pay up front for the equipment that you are looking to obtain, you should definitely do it. Purchasing will save you a considerable amount over leasing.
QUESTION 10. CAN I PROCESS OVER AN IP BASED, OR ETHERNET CONNECTION?
Yes a variety of credit card terminals support internet processing. Other options are Authorize.net which is online payment gateway or software is available for the computer. PC Charge is an example of this software.
QUESTION 11. CAN I BUY A TERMINAL FROM ANOTHER COMPANY?
Yes. We can prorgram all the machines supported by First Data.
QUESTION 12. WHAT IS A REFURBISHED TERMINAL?
A refurbished terminal is a terminal that has been remanufactured to restore it to its original condition. Refurbished terminals carry the same warranty as new terminals, but they are cheaper then the new terminals.
QUESTION 13. WHAT IS A CHARGEBACK?
A chargeback is where a customer is disputing a charge listed on their credit card statement. A chargeback may get the customer their money refunded, but it is not a refund. Common Chargeback Reasons: Not recognizing merchant's name on credit card statement. Customer charged more than once for the same purchase. Merchant did not deliver the agreed upon service. Customer unsatisfied with product or service. Fraudulent orders (mainly internet businesses).
Common Chargeback Reasons:
- Not recognizing merchant's name on credit card statement.
- Customer charged more than once for the same purchase.
- Merchant did not deliver the agreed upon service.
- Customer unsatisfied with product or service.
- Fraudulent orders (mainly internet businesses).
QUESTION 14. HOW LONG DOES IT TAKE FOR FUNDS TO BE DEPOSITED IN MY ACCOUNT?
Funds will be available in your bank account normally between 24 to 48 business hours from the time that a batch is received by the processing bank. It is a common misconception that funds will be available 24 to 48 hours after a transaction, but this time is actually measured from the time of the batch.