What is a merchant account?

A merchant account allows you to accept credit cards. You can choose to obtain a merchant account at a bank or through any credit card processing providers on the web.

Why does it cost more for Internet, mail, and telephone transactions?

It is considered safer by banks to undergo a 'person present' transaction. Rates are lower for 'person present' transactions and occurrences of fraud and chargebacks are less.

How long does it take to get setup?

It can be as quick as twenty-four hours or take up to two weeks for the setup to be established. The size of the company, if it is a bank or other provider, and how many clients they serve all play a part in how long it takes to get a business running.

When will funds be placed into my checking account?

The general time frame is somewhere between 2 to 3 business days.

What are the varieties of credit card processing solutions?

There is an array of options available. There are terminals for retailers, real-time processing for web sites, PC software for telephone transactions, along with many more. Each type has its advantages and disadvantages depending on what type of business employing them.

Are shopping carts common with all Internet merchants?

No, they are not. Shopping cart companies align their software with particular secure payment gateways. Find out from your merchant account company what secure payment gateway they will be using to conduct your business.

What are chargebacks?

A chargeback is the reversal of a conversion. Money will be deducted from your account rather than it being inserted. Double-charging, card expirations, customer disagreements, and bank errors all may cause chargebacks.

Will I receive reports of my transactions?

It is most common to get a detailed report at the end of each month. Some companies will provide up-to-date online information.