The average time from our receipt of your signed, completed application to your equipment delivery is less than 7 days. This timeframe covers credit underwriting, account establishment, and shipping time.
Equipment is sent 2nd-day air, unless expedited shipment is requested (additional expenses may apply). Upon receipt of equipment, customer training is available immediately upon request and is typically completed in less than 3 days.
Yes, one of our exceptional representatives will make sure you have all the information you need to get started. He or she will walk you through the simple equipment installation process, as well as explain how to use it. Our customer service center is available 24/7 to help, too.
Credit checks and business underwriting are required by certain payment networks and are necessary to determine if the business and business owners are financially responsible.
Once you receive your equipment and go through a brief telephone training process, you can activate your account and begin processing right away. Your equipment is typically received within 2 business days after account approval.
Funds are electronically deposited via an Automated Clearing House (ACH) transaction into your designated bank deposit account, typically within 2 banking days.
Your designated bank account will be charged for all related fees on or around the 5th of the month following the activity, via an Automated Clearing House (ACH) transaction. The details of your charges will appear on your statement that would be received the first full business week of the month following the activity.
Multiple entities are responsible for the complete end-to-end processing of your credit card transactions. These include the card associations (MasterCard and VISA), a card-issuing bank, a processing bank, a service organization, a telecommunications network, and a settlement bank. Your pricing or discount rate reflects the various fees earned by each of the parties to enable you to securely accept credit cards. Interchange fees affect all industries and are evaluated annually based on an analysis of industry costs and economic conditions. Although Interchange fees are applied to all credit card processors equally, they fluctuate in amount based on a variety of factors. Discuss these with your sales representative to find out what options your business may have.
Retail businesses can keep transaction costs to a minimum by taking steps to ensure they process "retail qualified" transactions. The "retail qualified rate" is the least expensive discount rate and in most cases it applies to a transaction in which you physically swipe the card and receive an electronic authorization for the transaction. In addition, for a transaction to be charged the "retail qualified rate" you must settle the transaction (electronically transmit the transaction for payment by the issuing bank) within 24 hours.
Processing costs are higher for non-retail businesses where the purchases are made with the customer in the card-not-present environment, but you can keep the costs to a minimum by "batching" or depositing in a timely manner and providing any additional information required by Visa and MasterCard on each of your transactions. Required transaction data will vary based on business type and processing environment but includes things like invoice or PO number, street address, and ZIP code.
We do not charge early termination fees and there are no length of term agreements to worry about.
This processing fee is collected by your transaction and discount rate fees from your credit card sales each month. So, for instance, say your merchant account company charges $25 as a monthly minimum, if the transaction and discount rate fees collected by the processing company add up and equal or go over $25 that month, no monthly minimum will be charged. However, if the fees for that month do not meet the $25 monthly minimum, you will then be charged the difference. You can avoid this fee in many cases by just processing a few thousand dollars per month.
No. Shopping cart companies make their software compatible with certain secure payment gateways (ie. Authorize.net, Verisign, etc.) In addition, merchant account companies work with different secure payment gateways so their clients can process credit cards online. It's important to find out from your merchant account company what secure payment gateway you'll be using. If it's Authorize.net, you can expect most shopping cart companies will support that gateway.
No, this practice is known as "credit card laundering" or "factoring." It is against the Visa® and MasterCard® agreement. Using someone else's merchant account to process your credit card transactions can lead to heavy fines and perhaps more. In addition, you'll also put that merchant's credit card processing account in jeopardy.