How To Accept Credit Cards
If you want to compete on the internet today, you must accept credit cards and start credit card processing.
Over 87% of all internet sales are paid for by credit card merchant account.
When you accept credit cards, your sales have the potential to increase as much as 400%.
How to Setup Online Merchant Account
In order to accept credit cards on the Internet, an online merchant or business needs to have an Internet Merchant Account, a credit card processing system (shopping cart software or a complete ecommerce solution), and a secure payment gateway (using API application programming interface) to connect to banking networks for authorization of credit card transactions.
Whether you have a retail location or an e-business, National Merchant Bancard merchant services provides you with the PC and Internet Solutions you need to process payments at virtually any location. Our latest PC and Internet technology solutions can help you stay ahead of the competition with secure online transactions, and turn your existing computer equipment into a payment processing terminal.
Almost all merchant account providers have lengthy contract terms from one to three years which could cost your company over $1,000 in cancellation fees and penalties. Be advised that these companies can damage your credit and place you in collection proceedings if you refuse to pay their cancellation fees and penalties.
BE SMART AND DO NOT LET THIS HAPPEN TO YOU!
How to Get a Merchant Credit Card Account
What credit cards can I accept?
You can accept Visa®, MasterCard®, American Express® and Discover®. We also offer Diner’s Club® and JCB®.
How long does it take to start accepting credit cards?
Our online application will only take 5 minutes to complete. Most of our merchants start accepting credit cards within the same 24 hours after their instant online approval.
Do you offer free technical support?
Yes, you will be provided with an (800) number to handle any problems or questions 24/7.
I have a bad credit rating, is this a problem?
No. National Merchant Bancard has one of the highest approval rates in the industry. If we cannot approve you probably no one will be able to approve you.
What is a Discount rate?
The discount rate is the percentage of each transaction that the processing company charges to handle the transaction for you.
What is a Virtual Terminal?
A web-based terminal that enables businesses to authorize, process and manage credit card transactions from any computer that has an Internet connection and a Web browser.
Is check software included?
Yes. We provide all of our merchant with free check software.
How will I receive payment on each of my transactions?
After the transaction has been approved, your customer’s charges are deposited directly from our processor to your bank account. Transaction deposits range from 24 to 72 hours from the date of the transaction.
Do I receive any training on the equipment?
You will be fully trained on all equipment at NO charge.
What is an Address Verification System?
An Address Verification System (AVS) verifies that the Address and zip code match the credit card customer.
What is a Gateway fee?
A gateway fee is charged to allow merchants the ability to perform secure real-time credit card authorizations manually using a virtual terminal or on a web site over the Internet.
What is a Chargeback?
A chargeback is when a customer disputes a charge on their statement by contacting the credit card company instead of contacting you. If a customer does not recognize the charge on their statement, or if they believe the amount was wrong, they may call their credit card company and ask them to investigate.
What is merchant account processing?
Merchant account processing services are provided by a bank or a third party processor to the merchant. These services include authorization of credit cards, settlement of funds through the bankcard associations (MasterCard/Visa), depositing of funds to checking accounts, merchant billing, and account activity reporting.
How do I get a merchant account?
Complete the online instant application and receive instant approval and activation of a merchant account that will allow you to begin accepting credit card transactions immediately. The merchant credit card acceptance program is applicable only to merchants located in the United States that have a relationship with a U.S. Financial Institution and a valid checking account.
How long does the application approval process take?
You can start accepting credit cards immediately after filling out our online application. After submitting the online application you will receive an email within a few moments along with your new merchant number.
Can I really start accepting credit cards immediately?
Yes, your merchant account will be active and can be used for processing credit cards.
How will I get paid for credit card transactions?
Funds are automatically transferred to your business checking account via an electronic ACH transfer 48 hours after a transaction has been “captured” and settled for payment. For example, credit card transactions submitted on a Monday will be funded on Wednesday or Thursday of the same week.
Will I need to purchase additional equipment?
No, All you need is a web browser and Internet access to utilize our Virtual POS terminal. Use this to authorize/settle transactions, view orders, manage recurring billing and more! If you are a retail merchant, you will receive our fee credit card processing terminal so either way you do not need to purchase any additional equipment.
Will I receive statements?
Yes. Internet-based reporting, that gives you online access to review your daily sales, financial history, and other pertinent account information. There is no additional cost for this service. In addition you will receive a paper statement at the end of each month.
What type of bank account do I need?
A business checking account is preferred, however, if you do not have a business account, a personal account that is primarily used for the business and is in the owner’s name is acceptable. Your bank will be credited and debited via ACH methods.
If I am a new start up company without a credit history, will my company get approved?
There are no hassles and no strict credit requirements. If we cannot approve you probably no one will be able to approve you.
I already have a retail merchant account. Why do I need another one?
Financial institutions and the Visa / MasterCard card Associations have different criteria for evaluating the potential risk involved in credit card transactions where the card is not physically presented to the merchant. This type of business is typically referred to as “card not present” or “MO/TO” (mail order/telephone order). For this reason, a separate merchant account is needed.
What is a payment gateway?
A payment gateway is a service that gives merchants the ability to perform real-time credit card authorizations from a web site over the Internet. The Gateway is an encrypted channel that passes the transaction securely from your customer’s computer to the financial institutions to capture the authorization and approval. Once the transaction is complete, the information is sent back through the Gateway to complete the order and provide you with verification. The Gateway offers many administrative features such as: viewing orders, keeping sales tax records, account maintenance, etc.
How do I get my gateway set up?
When you apply for the instant merchant account the gateway is automatically set-up.
Filed under Credit Cards