|
|
|
| |
|
|
| |
Merchant Account FAQ |
|
| |
 |
|
| |
Listed below are frequently asked questions dealing with merchant accounts and payment processing. If you have a question that is not listed below, please contact us: |
|
| |
|
|
| |
What is a merchant account? |
|
|
|
|
| |
A merchant account is an account at a financial institution that allows you to accept credit cards. You may find that you can acquire a merchant account directly from your local bank or you may decide to use any of a number of Merchant Account Providers that can be found using your favorite search engine. |
|
| |
|
|
| |
Why are rates higher for Internet, Mail and Telephone Order transactions? |
|
|
|
|
| |
A face-to-face transaction where the credit card is swiped is considered less risky by banks. Since this is the case, rates are quite a bit lower as the instances of fraud and charge-backs are a lot less. As opposed to internet or mail and telephone order transactions where there is a higher possibility for fraud because the credit card is not present. |
|
| |
|
|
| |
How long does it take to get setup with credit card processing? |
|
|
|
|
| |
The turnaround time can vary from company to company, however it can take as little as 24 hours to two weeks, based on the volume of your account, banks approval and how fast your application is received. |
|
| |
|
|
| |
When are funds usually placed into my business checking account? |
|
|
|
|
| |
The typical time period is 2 to 3 business days. |
|
| |
|
|
| |
What kinds of credit card processing solutions are available? |
|
|
|
|
| |
There are a wide range of solutions for all types of businesses. Swipe terminals for retail merchants; real-time processing for Internet sites; PC software for mail order/phone order and Internet businesses; touch-tone or wireless processing for low volume, seasonal and mobile merchants; and virtual terminals for Internet, mail and telephone order businesses. FGMS makes sure each business receives the best solution possible. Ask your sales representative which is best for your business. |
|
| |
|
|
| |
What are chargebacks? |
|
|
|
|
| |
A chargeback is when a transaction is reversed. In other words, rather than adding money to your account it is deducted. Chargebacks can occur for a wide variety of reasons, such as double-charging, credit card expiration, bank error and customer disputes. |
|
| |
|
|
| |
What kind of transaction reporting is available? |
|
|
|
|
| |
Most merchant account companies will provide you a paper statement at the end of the month. Some companies can even offer detailed online reporting. We try to be as environmental friendly as possible, we like to use the least amount of paper as possible, but we are dedicated to our merchants so it's your preference. |
|
| |
|
|
| |
I have a credit card swipe terminal from a previous merchant account, is it Compatible with other companies? |
|
|
|
|
| |
Probably. You will certainly need to have it reprogrammed to work with your new merchant account. There are some companies that only work with certain terminals, be sure to inquire with us before signing up. |
|
| |
|
|
| |
What is a monthly minimum fee? |
|
|
|
|
| |
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 $20 as a monthly minimum fee, if the transaction and discount rate fees collected by the processing company add up and equal or go over $20 that month, no monthly minimum will be charged. However, if the fees for that month do not meet the $20 monthly minimum, you will then be charged the difference. |
|
| |
|
|
| |
What is a discount rate? |
|
|
|
|
| |
Every bank charges a discount rate. The discount rate is the
percentage of each transaction that the processing company charges to handle
the transaction for you, Our discount rates are the lowest for both retail
(swiped) merchants and for mail order/telephone order and Internet merchants, gift cards, and wireless merchants in the industry. |
|
| |
|
|
| |
How do I Program and Set up my terminal? |
|
|
|
|
| |
Your Terminal and all equipment will be delivered to your door ready to operate. Just plug in electric, and phone line and your ready to take
Credit cards. FGMS offers 24 hour live merchant support, so any questions you have regarding installation or operation, can always be answered immediately. |
|
| |
|
|
| |
How do I apply for a merchant account? |
|
|
|
|
| |
Click Here To Apply For A Merchant Account. |
|
| |
|
|
| |
How do I request more information? |
|
|
|
|
| |
Click Here To Request More Info. |
|
| |
|
|
| |
How long before I can start accepting credit cards? |
|
|
|
|
| |
Merchant accounts are generally approved within 24 hours and merchants can process the next business day. |
|
| |
|
|
| |
I'm not sure what terminal, equipment or software is best for my business? |
|
|
|
|
| |
Please consult your FGMS agent regarding the various options available. or visite our Equipment Page |
|
| |
|
|
2008 First Global Merchant Services. All rights reserved Call :1-877-EZMERCHANT.