Merchant Account Systems

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Frequently Asked Questions

Please click on a question below to read the answer to the frequently asked question about merchant accounts.

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What is a merchant account? A merchant account is a commercial bank account established by contractual agreement between your business and the financial institutions we represent. A merchant account enables your business to accept credit card payments from your customers.

Do I need a merchant account? You need a merchant account if you want to accept credit cards. This is for both retail and Internet transactions?

What is the discount rate? The discount rate is the percentage of each sale that is collected by the bank. This is how the credit card processing industry makes its money.

Do I need to be a U.S. citizen? Yes, the applicant needs to be a U.S. citizen with a U.S. social security number. Non U.S. based businesses are also accepted but have a different application procedure and a different processing system.

Do I need a site inspection? VISA and MasterCard require a site inspection. A visible web site will serve as an acceptable site inspection. Your web site should properly identify your business, a description of what you are selling, the price you are charging, and proper contact information.

How quick can we get this done? We can e-mail you your documents right away. If you complete them and send them back to us right away, very often we can have a merchant number that very same day. If not, the number is usually available the following day if everything is in order.

If I already have a retail account, can I use it to process Internet orders? Absolutely not! This is important. If you accept a credit card number over the Internet and process it through your retail terminal, you will be violating VISA and MasterCard rules and you will place your account in jeoprody. It is required to have an Internet account for Internet transactions.

Do I need a secure certificate for my web site? No you do not. We provide that for you. This saves you a great deal of money annually. When an order is placed from your web site, it switches right over to our secure site and your customer gets a notice that the order form is secure.

Do I have to make an order form? No, the order form is provided for you. All you need do is place a few lines of html code on your web site and it takes your customer to your secure order form. If you have a web designer, you won't have to pay to have a form made.

What if my credit is bad? We will just refer to you as having "entreprenurial credit." Actually the majority of entreprenurs have damaged credit. That is not held against you. If the IRS is banging down your door and you have tax liens everywhere, chances are you will not be approved. If you are in the middle of a bankruptcy that has not been discharged, you will not be approved. Other than that, you should be good to go!

What do I need to qualify? A business in the United States, A checking account, a government issued photo ID (drivers license or passport) and a web site if you are doing Internet transactions. (we will make a temporary one for you if you don't have one.).

Can I use a personal checking account? Yes, you can if you provide a copy of a business licence, DBA form or Corporate certificate.

Can I use a savings account? No. Your merchant account bank needs to be able to ACH funds to and from your account and that is not possible with a savings account.

How long does it take to get my money? The merchant account bank will deposit your credit card money into your existing checking account normally within 72 hours.

Can I use my account on multiple web sites? Yes, you can place order buttons on as many web sites as you like and as many domains as you like. There is no limit.