Merchant Account FAQ

What is a merchant account, and do I need one?

A merchant account enables you to accept credit cards through a financial institution directly from your clients. You require a merchant account in order to collect credit card payments using your own business name, and having the money deposited directly into your business checking account.

What is the application process?

Most merchant account providers require either a paper or online application. Typically a representative will contact you within 24 hours to review and complete your application.

What do I need in order to obtain a merchant account?

Merchant accounts are available for all business types, but cannot be obtained for personal use. To open a U.S. merchant account, you will need a Social Security Number or Federal Tax Identification Number, a U.S. based checking account and a U.S. address. If you do not meet these three requirements, you may apply for an international merchant account.

How long will it take to get my account approved and setup?

Merchant accounts applications are typically approved and setup within 24 – 72 hours from the time you complete all the necessary paperwork. The setup time depends greatly on the size of the company and the anticipated number of transactions.

How do I receive my money?

Funds processed through your merchant account will be deposited directly into the business checking account of your choice. This generally takes 2 – 3 business days.

Which credit cards can I accept?

This will depend on your merchant account provider. You will likely be able to accept all major credit cards including, but not limited to Visa, Mastercard, American Express, and Discover.

Even though my transactions are processed in U.S. dollars, can I accept international credit cards?

Any credit card that you can accept in the U.S., you will be able to accept its foreign equivalent. The ability to process credit cards is not based on the country of issue, but the credit issuer (example: Visa, Mastercard, American Express, Discover).

What are the varieties of credit card processing solutions?

There is a wide range of solutions available to meet your credit card processing needs. For example, there are terminals for retailers and real-time processing for web sites. Each solution has its advantages and disadvantages depending on the type of business employing them.

What is a chargeback?

A chargeback occurs when a customer disputes a charge on their statement by contacting their issuing bank. Specifically, it is the reversal of a prior outbound transfer of funds from a consumer’s bank account or line of credit.

What kind of equipment do I need to process credit cards?

For retail businesses conducting a significant amount of face-to-face transactions, a POS (Point-of-Sale) terminal will best meet your needs. This enables you to swipe the card and get signed customer receipts, delivering a better discount rate. For internet-based businesses where customers are able to pay for goods online, a Payment Gateway with real-time processing is recommended. This ensures a secure environment 24 hours a day, 365 days a year.

What is a Payment Gateway?

A Payment Gateway enables businesses to perform real-time credit card authorizations from a web site over the Internet.

Where can I get a merchant account?

There are many merchant account providers. This FAQ was written by Speedy Merchant Account. Click here to apply.

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