Q: How long does it take for approval?
A: After your application is complete, the processing time is usually 24 hours or less, if we receive your application before noon PST. Once approved, we will ship your terminal equipment promptly.
Q: How long does it take to get my money after the transaction is processed?
A: In most cases Visa, MasterCard, and Discover transactions are deposited within 24-48 hours depending on the type of business.
Q: Do I need a business license to be approved for a merchant account?
A: Not necessarily. Other business documentation may be required depending upon the level of risk associated with your business.
Q: Do I need a business checking account to obtain a merchant account?
A: If you are a Sole Proprietor you may use a personal checking account. Corporations require a business checking account.
Q: Do I need an American Express or Discover account before I apply?
A: No, we set this up for you.
Q: What is a discount rate?
A: The discount rate is the fee that a merchant pays to the acquirer for processing services that enable the merchant to accept bankcards as payment. Our discount rates are extremely competitive.
Q: What are Interchange Fees?
A: A fee paid by an acquirer to an issuer for transactions entered into interchange. The interchange fee is a percentage applied, according to Visa/MasterCard regulations, to the dollar value of each transaction. There are multiple categories of interchange, and Visa and MasterCard each have their own criteria for their own categories. A transaction must meet the specified criteria for a category in order for that category’s rate to be applied. Each transaction is evaluated individually, so various interchange rates may apply within one batch of merchant transactions.
Q: Do I have to be PCI compliant?
A: Yes. If you are accepting credit and debit cards you must comply with PCI-DSS rules.
Q: What is a surcharge?
A: A surcharge is an additional fee that a merchant adds to a consumer’s bill when he or she uses a credit card to purchase goods or services.
Q: Is it illegal and will my bank shut me down for not paying credit card fees?
A: As a result of a legal settlement to resolve claims brought by a group of U.S. merchants, merchants in the U.S. and U.S. territories may add a surcharge to certain credit card transactions, starting January 27, 2013. Your may choose to choose to surcharge by following all the requirements agreed to as part of the settlement.
Q: I want to let my customers know about the surcharge before they checkout. I don’t want them to be caught by surprise.
A: Once enrolled in a surcharge program, we will provide you with the signage to be displayed at your business location.
We will also provide you with the equipment that displays the surcharge on the receipt.
Q: Is there a limitation on how much I can surcharge?
A: Retailers must limit the amount of the surcharge to the merchant discount rate for the credit card transaction surcharged, or 4%, whichever is lower.
Q: Can all businesses do surcharge programs?
A: Yes. Any merchant in 42 out of 50 States may elect to surcharge by following all the requirements set by credit card networks. Merchants may not Surcharge if they are located in any one of these 8 States: Colorado, Connecticut, Kansas, Maine, Massachusetts, New York, Oklahoma and Texas.