The Transaction Cycle
- Detailed Diagram Of How Your Money Flows
- The Two Main Pricing Structures Explained
- Credit Card Qualification Requirements
- Introduction to Interchange & How It Applies
- Importance of Effective Rate
First Off, Keep It Simple. You Don't Need To Know
Everything About Merchant Account Processing
You don’t need to know it all, nor would I expect you or anyone who uses a merchant account to remember and understand every single detail about how a merchant account works and operates.
Things like understanding how merchant account processing fees originated is not something that you need to have a complete understanding of. You just need to know that certain rates exist and that there are rules that all merchant account providers must abide by.
Knowing the principles of the pricing structures and how the money flows will help you understand what is possible and what is not.
You'll Save Valuable Time and Get Way
More Done If You Have An Expert Do It For You!
We do this stuff every day, and we already know what works and what doesn't. There's a lot of empty promises out there and unfortunatley people get hung up with gimmicks and flimsy promises that don't solve any real need.
Our step by step optimization assessment walks you through the process of setting up a merchant account that is ideal for your business.
Here's What You Need To Know...
There IS an easy way to obtain and maintain a merchant account IF you know how to go about doing it. There's a tendency within the industry for providers to make things confusing so that you cannot properly compare one merchant account program to the next.
Free terminal programs and discount rate offers make it very enticing to sign up for service with a particular provider and unfortunately most of those programs don't work long term because of the lack of service provided.
If you're looking for a concierge service that will guide you along the way and show you how to set your business up to profit from your merchant account then our service experts are here for you.
There's a frequently asked questions section at the bottom of this page. If you have questions (like everyone else does) just scroll to the bottom and read through the list.
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Frequently Asked Questions
Here's some of our most commonly asked questions taken from business owners seeking merchant account approval. If your question is not listed here submit your question here and we'll either add it to this page or email you back.
What rates & fees will I pay for accepting credit card payments?
Merchant account fees usually range from 2.00% to 3.50% of your monthly credit card volume. The specific charges vary based on the type of business you are and how you accept payments from your customers.
Merchant account pricing is NOT “one size fits all” so rates can vary depending on how you process credit cards and your type of business.
How long does the approval process take?
Generally the application process takes about 15 minutes or so and all your information is gathered either by phone or an online web application. There are minimal documents that you need to provide in most cases.
What information do I have to provide to get approved for a merchant account?
The information provided can vary slightly between providers but here are the main items that will be requested of you at the time of application:
Company name, address and contact information, ownership percentage, social security number, state and/or federal tax ID number and bank account information for debits and credits.
In addition, you will provide a photocopy of your drivers license and a photocopy of a blank check to verify your bank account.
Why is credit review a part of the merchant account application process?
Merchant accounts are not widely thought of a loans or lines of credit but that is technically what they are. For this reason, a merchant account processing company takes on risk of collecting funds that they pay out.
How often and how am I charged for merchant account fees?
You will get a monthly bill that most often is charged within the first couple of days of the month for the previous months processing volume.
Each day you process transactions your merchant account provider keeps track of the total fees and adds them up for the total bill at the end of the month.
You are then charged one fee (one dollar amount) for the entire months processing volume and it is directly debited from the bank account that you have on file with your merchant account provider.
If I have a retail shop AND I sell online, will I need 2 merchant accounts?
It’s your choice.
You are not required to have two merchant accounts if you don’t want to as long as it’s the same business selling the same products.
You will only need to open a different merchant account if you are selling different goods/services or you want money to be deposited into a different bank account.
How long does it take for me to collect my money each day?
Typically you will see your money deposited into your account in 48 hours. Some providers have next day funding options available and eligibility for those options are a matter of underwriting approval.
If you are approved for next day funding and your batch is closed by the specified time each night, you will see deposits the next business day.
American Express transaction are the one exception to this rule with most providers and their deposits take between 3 – 5 days.
Can I have more than one terminal associated with my merchant account?
Yes, you can have as many as you would like.
Additionally you can add smartphone processing solutions, online gateways and countertop terminals to the same merchant account.
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