What do I need to do to begin accepting credit cards in my business?
First you will need to establish a Merchant Account with Merchant Service Center. This account is used for the settlement of credit card transactions processed by your company.
The funds derived from your merchant account will need to be deposited into a checking account belonging to any bank of your choice.
In order to establish your account you will need to have the following information available:
- A business checking account or a personal account if you are a sole proprietorship
- A copy of a voided check
- Articles of incorporation, business license or reseller license
- A web site (if you are Internet based) or a retail storefront
- Provide 2 trade references
- A photocopy of your driver's license
You can then apply either Online or via the phone and a Customer Service Professional will be happy to assist you.
What charges will I incur by accepting Credit Cards?
There are many fees to consider based on the type of business and volume of business you do. Many of the fees associated with credit cards are fairly standard in every business, but we strongly recommend you discuss the specific needs of your business with our Customer Service Professionals to see what actually applies to you. Here is a small sample of the type of charges you will discuss:
- Discount Rate: The amount charged to a merchant for processing daily credit card transactions.
- Transaction Fee: A fee charged by a merchant account provider for each credit card transaction completed.
- Chargeback Fee: A credit card transaction that is billed back to the merchant after the sale has been settled. Chargebacks are initiated by the card issuer on behalf of the cardholder. Typical cardholder disputes involve product delivery failure or product/service dissatisfaction. Cardholders are urged to try to obtain satisfaction from the merchant before disputing the bill with the credit card issuer.
- Non-Qualified Surcharge: This surcharge applies to business and corporate cards as well as other downgrades, such as manual entry sales that do not pass Address Verification. Failure to batch out your point-of-sale device within the allotted 24-hour period can also cause additional processing fees to be assessed. When accepting credit cards, it is important to understand this fee. Please contact a customer service representative for more information.
- Voice Authorization Fee: This fee is charged only if you call in a credit card sale using our voice automated system. For instance, you need to accept credit cards off-site and do not have access to your point-of-sale devise. You can then call our 800 number to process the credit card transaction.