Frequently Asked Questions:

1. What are the requirements to be approved for a merchant account?

2. Which cards can I accept?

3. Is there any difference between a credit card and a debit card?

4. What is a discount rate?

5. What is Address Verification Service (AVS)?

6. Will my business receive a statement that lists all processed transactions?

7. Can my business conduct transactions in foreign currencies?

8. Can I key in orders manually?

9. Does the name of my business appear on my customer's credit card statement?

10. Is it safe to process credit cards over the Internet?

11.What is a merchant account?

12. How much does it cost to have a merchant account?

13. Is there a limit to how many merchant accounts one can have?

14. How long is the approval process for a merchant account?

15. Can I use my merchant account for more than one business?

16. I already have a retail merchant account, can I use this for internet processing?

17. How do I apply for a merchant account?

1. What are the requirements to be approved for a merchant account?

The majority of U.S. businesses (around 98%) are approved for merchant accounts. Unless a business has a serious credit problem or is selling questionable products and/or services, the chances are pretty good that the application will be approved.
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2. Which cards can I accept?

With your merchant account, you can process virtually any major credit card. This includes: Visa, MasterCard, American Express, Discover, Carte Blanche, Diners Club, and JCB credit cards. In addition, retail merchants can accept debit/ATM cards issued by Interlink, Maestro, Pulse, Star and NYCE card system members.
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3. Is there any difference between a credit card and a debit card?

The main difference between a credit card and a debit card is where the funds for the transaction are being drawn. With a credit card, the transaction amount is deducted from the cardholder's available credit line. With a debit card, the transaction amount is deducted directly from the cardholder's checking account. From the merchant's end, processing a debit card will be cheaper than processing a standard credit card.
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4. What is a discount rate?

The discount rate is a percentage of the total transaction amount that the bank will deduct prior to transferring the deposit into the merchant bank account. Discount rates generally range from 2.5% to 5%.
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5. What is Address Verification Service (AVS)?

Address Verification Service (AVS) is a fraud prevention service that validates a cardholder's address against the card issuer's records. This service is provided as part of a credit card authorization for MOTO and Internet transactions. A code is returned with the authorization result that indicates the level of accuracy of the address match and helps secure the best interchange rates.
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6. Will my business receive a statement that lists all processed transactions?

Every month your business will receive a monthly statement summarizing all your credit card processing activity. These are mailed automatically at the beginning of each month.
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7. Can my business conduct transactions in foreign currencies?

Yes. All funds you receive will be in U.S. dollars. An international card holder will be billed in his home country in the currency used by that country.
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8. Can I key in orders manually?

The are several different ways you can manually enter credit card information: via a virtual terminal that is accessed on your PC or fax machine, by phone, and any POS terminal that has a keypad.
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9. Does the name of my business appear on my customer's credit card statement?

Yes. The legal name of your business will appear on your customer's credit card or debit checking account statement.
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10. Is it safe to process credit cards over the Internet?

Processing credit cards online is safe as long as you take several precautions. You must make sure that any sensitive data that will be sent over the web will be encrypted. Also, be sure to check out the reputations of any company involved in handling this data, and look out for reliability or quality seals on key websites.
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11.What is a merchant account?

A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. They come in three main flavors: a POS merchant account, an Internet merchant account, and a MOTO merchant account.
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12. How much does it cost to have a merchant account?

There are several transaction fees associated with creating and maintaining a merchant account. But business owners should keep in mind that there is a lot of variation among providers. The most common fees include: the discount rate, transaction fees, pass-through fees, monthly fees, and sometimes there are set-up and application fees.
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13. Is there a limit to how many merchant accounts one can have?

Though there is no limit to how many merchant accounts one can have, one should keep in mind that for each account opened, one has to pay a separate fee schedule.
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14. How long is the approval process for a merchant account?

After receiving an application, a merchant can expect to hear back from us within 24 to 48 hours. Your merchant account will be set up and activated usually within 24 hours of approval.
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15. Can I use my merchant account for more than one business?

No. There can only be one merchant associated with each merchant account opened. But keep in mind that you can have more than one merchant account as long as the business name and tax ID are unique for each account.
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16. I already have a retail merchant account, can I use this for internet processing?

No. Retail merchant accounts cannot be used to receive payments online. If you have a brick-and-mortar business and want to sell your products on the web, you will need to apply for an Internet merchant account.
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17. How do I apply for a merchant account?

You can begin by filling out our easy online application, or you can speak to one of our merchant account specialists.
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