How long could the process of approval take?
Once your application has been submitted, the processing time usually is 24 hours or less, especially if we were to receive your application before noon EST. Once approved, we shall ship your terminal equipment/s, software, etc.., as soon as it is posssible.
How soon shall I receive my money after a transaction is successfully completed?
Visa, MasterCard and Discover transactions are deposited by the next business day depending though on the type of business.
Do I need to have a business license to obtain a merchant account?
You need not have a business license, should you be able to provide a documentation that is is required and is accepctable. These items could vary depending upon the level of risk associated with your business.
To obtain a merchant account, do I need to have a business checking account?
You would require a business checking account only if your business is set up as a corporation. If it is a sole proprietorship, using a personal checking account or a business checking account would be sufficient.
To apply, do I need to have an American Express or Discover account ?
No, you don`t
What is the rate discount ?
It is the fee that a merchant pays to the acquirer for processing services, enabling the merchant to accept card payments. Our discount rates are attractive and If we can't beat you on your existing rate, we shall give you a $100 gift card.
What is an interchange fee?
A fee is paid by an acquirer to an issuer for transactions placed for interchange. The interchange fee is the percentage applied, as per Visa / MasterCard regulations, to the value of each transaction, for the multiple criteria and categories that Visa and MasterCard posses. Each transaction is evaluated individually and hence interchange rates may apply within one batch of merchant transactions..
What is NPF?
The Visa Network Participation Fee / Fixed Acquirer Network Fee applies to all U.S issued Visa credit and debit card transactions
processed by a U.S. based merchant. The fee shall be billed on one line item and one amount on the merchant's month end statement with a descriptor
of "Visa NPF" for merchants.
The fee amount shall vary from one merchant to the other and is calculated by Visa, based on a number of factors such as:
Should a merchant does not process any Visa tranasctions during a month, a mandatory minimum fee of $3.00 anyway would be charged.
Do I need to be PCI compliant?
Yes. Anyone who accepts card payments needs to comply with PCI-DSS rules.
What are the PCI complaince charges?
When you have a merchant account with us, we provide free PCI compliance validation. Please call 347-309-4677 for assistance.