Why do I need a merchant account to accept credit cards?

A merchant account is an account at a financial institution that allows your company to accept credit cards. Accounts are also available through third party processors, in which case you would have an account with the third party processor as opposed to the bank. Some of the many benefits of having a merchant account directly with the bank are the quick settlements to your account, the security of your funds coming directly from an FDIC insured bank as opposed to being filtered through another company, direct integration of your payment page into your website (as opposed to your site launching the third party processors site to process the transaction), and your companies own statement descriptor (so your company name and contact information will show on your customers credit card statement).

How do I apply for a merchant account?

You can download a printable copy of our merchant account application here, or you can use this link to apply online. You will also need to send in a copy of your driver's license (used to help verify identity and protect against identity theft), a copy of your business license or certificate of incorporation, and your previous processing statements for your account review to be completed and your processing agreement to be generated.

How long before I can start accepting credit cards?

Typically, your merchant account will be approved in 24-48 hours (excluding weekends and holiday). Once your account is approved, your online gateway will be set up or your terminal will be programmed and delivered or shipped. The gateway instructions will walk you through the rest of your account set up and can be used right away. The terminal will be ready to be plugged in and used upon arrival. If your account is considered ‘high risk' the approval time will be longer.

How do I get my money funded to me, and how long does it take?

Settlements are funded on a daily basis and should arrive in your account the next business day after the day on which you processed. Your first batch of transactions will be reviewed for accuracy, and this first batch typically will take 48 hours to post.

What if I have bad credit or no credit?

While bad credit or no credit may affect the risk score assessed for your account, and may in turn affect your rates and terms, we can still work with you, in most cases.

What is a discount rate?

The discount rate on your account is the percentage that is charged for processing your transactions. For instance, if you have a retail account with a discount rate of 1.85%, and you run a $100.00 transaction, $1.85 will be withheld from your settlement as the banks fees.

What is a chargeback?

A chargeback is a customer dispute against a charge on their credit card statement from your merchant account. There are many reasons why a customer may dispute a charge including, but not limited to, double billing, an item that was returned but not credited, or an item that was never received. It is important to work with your customers to keep them happy and to avoid chargebacks. Excessive chargebacks can cause your account to be terminated and your business to be listed on the TMF list, which will cause problems with obtaining a new merchant account.

What is the TMF list?

The TMF list is a database collected by MasterCard that lists merchants who have had accounts terminated. There are many reasons why a merchant may have their account terminated and be listed on the TMF list ranging from a balance due on their account, to excessive chargebacks, to instances of fraud. Being listed on the TMF list makes it very difficult to obtain a new merchant account.

Can I still get a new merchant account if I'm on the TMF list?

The TMF list is in place to protect banks from repeat offenders. The banks take a TMF listing very seriously, and being on the TMF list narrows your options, however with a detailed plan of action for ensuring that the same issues that got your business put on the TMF list don't happen again, your account can be approved.

What are my options for terminals and e-check machines?

There are a number of options for terminals. Our most popular terminals are listed here, however if there is a specific terminal you would like to use, or if you are looking for different features than those that are shown, please contact us and we will work with you to find a machine that fits your needs. There are a number of options for e-check machines as well. You can see some of these options here.

What is your return policy?

Defective equipment will be replaced immediately. To avoid down time, please contact us to report your equipment as defective and to ensure that there is not a problem with the programming that can be corrected right away. Your replacement equipment will be shipping right away, and you will have a grace period to return the defective machine.

Working equipment returns will be accepted if postmarked within 30 days of the date of receipt of equipment. A 15% restocking fee will apply to returned equipment. Equipment must be returned in its original packaging and all parts, manuals, and cords must be included. Damaged terminals will not be eligible for credit.

Can the terminal I own now work with my new merchant account?

Most terminals work on our system, however there are some terminals made for specific processors that can not communicate on our system. If you have a terminal that you would like to use, please contact us with the make, model number, and serial number, and we will check to see if it is supported.