Frequently Asked Questions
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Free Gateway Software!Merchant Account Frequently
Asked Questions
We know you need instant answers to frequently asked questions about credit card processing and merchant accounts and payment processing. If you cannot find the information you seek, feel free to contact us. MerchantAccounts247.com is always delighted to hear from you.
Can I share someone else's merchant account for accepting payments?
This is one of the most common frequently asked questions. The answer is NO. According to the rules and regulations every business signs for the privilege of accepting credit cards, using someone else’s account is illegal. MasterCard and Visa Associations view this as an unethical practice known as ‘credit card laundering’ or ‘factoring’. Sharing a merchant account with another business will cost the account holder hefty fines. Additionally, this business owner could lose the right to ever accept electronic payments again. Just out of curiosity, why would you even want your money being paid to someone else? This really should be a rather scary prospect.
What is a merchant account?
A merchant account is opened with a financial institution or bank for the explicit purpose of allowing you to accept credit cards and debit cards as payment from customers. You may find that you can open a merchant account directly from your bank or a wide array of merchant account providers known as ISO companies. With the Internet you can get better prices on transactions and credit card processing equipment. Select your provider wisely though, because the best pricing on everything you need is found right here at MerchantAccounts247.com.
Why are transaction rates higher on for sales internet, mail and telephone orders?
Face-to-face transactions where the credit card is swiped by the business have a far lower level of fraud risk. Most fraudulent credit card use takes place when the user is not present at the time of the purchase. The increased fees involved are guided by the processing bank’s insurance company or risk management department. It is pretty rare that a person using a stolen card number will actually holds the physical card. To the processing bank this reduced chance of financial fraud is also known to drop the possibility of chargeback's. All of this means that they can service in-person transactions at a much cheaper rate than other types of electronic payment processing.
How fast can you set-up my new credit card processing account?
Your turnaround time will vary from company to company. Depending on the way your application is delivered and your individual credit situation, it can take as little as 24 hours. Very high volume and International merchant accounts seem to take the longest. Companies that allow you to fax applications can usually have your account set-up and ready to accept payments in a few days. One other factor may be the number of applications the bank is reviewing for approval. No matter what reason for a delay exists, your application process and account set-up will never exceed two weeks.
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How long does it take my funds to deposit into my checking account?
Normally, it takes 2 to 3 business days for the full batch to clear and transfer into your bank account.
What are the different types of credit card processing solutions available?
The full range of payment solutions for any business is available from MerchantAccounts247.com.
- Virtual terminals for Internet, mail and telephone order businesses.
- Real-time processing for Internet sites and shopping carts.
- PC software for mail order or phone order and Internet businesses.
- Touch-tone processing for low volume, seasonal and mobile merchants
- Counter top terminals and debit pin pads for retail merchants.
Each of these electronic payments processing solutions will have their own particular set of pros and cons. To discover what solution is best for your business, contact us now and our customer representatives will gladly help you make the appropriate selection. This will be an important factor on your ability in getting your account set up to take full advantage of saving money.
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Are your internet merchant accounts compatible with all shopping carts?
No. Unfortunately, shopping cart companies make their software compatible only with certain secure processing bank payment gateways. You’ll receive the most effective service for your clients to process their credit cards online with MerchantAccounts247.com’s shopping cart solution through Authorize.net. Our processing bank has chosen this shopping cart because it is the most universally accepted software of all options available.
What are chargebacks?
A chargeback is the unique term applied to situations where a transaction is reversed but is not a refund. Chargeback's can occur for a wide variety of reasons, such as double-charging, credit card expiration, bank error and customer disputes. When a chargeback is presented to your account, the money originally deposited into your account at the time of the sale is deducted. When a chargeback does occur, there are set time periods that the reversal can be repaired. Each of these events is unique. Working with customer service at MerchantAccounts247.com is your best approach. We can assist you in resolving the situation fairly for all parties concerned.
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What kind of transaction reporting is available from MerchantAccounts247.com?
Most merchant account service companies will mail you a paper month end statement. Some companies that are state of the art, like MerchantAccounts247.com, offer detailed online reporting. Business owners on the go today more commonly prefer detailed online reporting, which is what we provide at MerchantAccounts247.com. This allows you to access batch and other reports at your convenience for better overall sales information as you need it. Electronic statement and account reports also reduce our cost of maintaining your account, a savings we happily pass onto you as our client. You can easily print your reports and statements for your account whenever you need to.
I already have a credit card machine from a different merchant service provider. Is it compatible for use with service from MerchantAccounts247.com?
A lot of times it will be a simple thing to reprogram your existing equipment. However, some card processing terminals are so out of date that they are impossible to reprogram to the latest security and technology. Unlike other credit card processing companies, MerchantAccounts247.com is not going to force you to fork over a bundle of cash just to get started on saving big on your transaction fees. We will replace any outdated terminal with a shiny new terminal FREE of CHARGE.
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What is a monthly minimum fee?
All credit processing companies have a preset monthly minimum for every account they service. The processing fees on all merchant accounts are collected by the transaction and discount rate fees from your monthly credit card sales. At MerchantAccounts247.com you have a $25 as a monthly minimum, if the combined transaction fees collected are equal to, or exceed $25 in a given calendar month, and then 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. Incidentally, our monthly minimum is the lowest possible. The only way a competitor will offer you a reduced monthly minimum fee is if you pay an annual membership split into a monthly charge or withdrawn from your account once a year. As we have stated on other pages of this website… you’ll not be in for any ugly surprises as our customer.
What is a discount rate?
Discount rates are simply a percentage of the total for each transaction that is charged for electronic payments processed. For example, if your discount rate is 1.99% and you have an order for $100; the discount rate being deducted would be $1.99. Understanding this will allow you to know exactly how much of each sale you should earmark for fee payment.
Why do I pay a transaction fee?
Transaction fees cover the cost of maintaining processing bank equipment and trunk lines that connect all banks and processing companies nationwide. This ensures that all equipment making your instant payment processing possible is in top operating order at all times. By collecting the cost of this network with a few cents per transaction of every business, the US electronic payments is always state of the art created to take advantage of the latest in technology. A transaction fee is flat rate no matter how much money is processed on a sale. If your transaction fee is set at $0.20 it will not go up and down with the total of the payments you process like the discount rate does.
The North American Bancard name, trademark and logo are owned by North American Bancard Corporation. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners. The North American Bancard Independent Sales Agent Program is operated by Cardservice International, Inc. Cardservice International, doing business as North American Bancard, is a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA. American Express requires separate approval. North American Bancard Calabasas is an independent agent for Cardservice International.
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