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Q: What is merchant account
processing?
Q: How do I get a
merchant account?
Q: What credit card
types can I accept?
Q: How long does the
application approval process take?
Q: Can I really start
accepting credit cards immediately?
Q: How will I get paid
for credit card transactions?
Q: Is there paperwork to
sign?
Q: Will I need to
purchase additional equipment?
Q: Will I receive
statements?
Q: What type of bank
account do I need?
Q: I am a new start up
company without a credit history, will my
company
get
approved?
Q: I already have a
retail merchant account. Why do I need
another one?
Q: What is a
payment gateway?
Q: 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.
Q: 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.
Q: What credit card
types can I accept? You will
automatically be set up for Visa® and
MasterCard® transactions. On the
application, you will have the option to
also accept American Express®, Diner's
Club®, Discover® and JCB® by simply
checking those card types.
Q: 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 from Electronic
Merchant Systems confirming your account
activation along with your new merchant
number and a link to the VPOS. EMS will
then overnight out the MERCHANT AGREEMENT
for your review and signature. Simply
return the application paperwork in the
pre-paid return envelope and it will be
reviewed by our underwriting department
for FINAL APPROVAL. Upon final approval
the funds-to-date will be deposited in
your checking account.
Q:
Can I really start accepting credit cards
immediately? Yes, your merchant
account will be active and can be used for
processing credit cards. Do not
ship/deliver product until you receive
FINAL APPROVAL from Electronic Merchant
Systems. Prior to final approval you can
authorize credit cards but the funds will
not be deposited into your bank account
until FINAL APPROVAL. Final approval can
not occur until you sign and return the
MERCHANT AGREEMENT and our Underwriting
Committee approves your application.
Q: How will I get
paid for credit card transactions?
Funds are automatically transferred to
your business checking account via an
electronic ACH transfer 48 to 72 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.
Q: Is there paperwork
to sign? Yes, original paperwork will
be overnighted to your business address,
you would need to return this to commence
final approval. Once final approval
occurs(normally 24 hours after EMS
receives the original paperwork) you will
then start to receive your deposits.
Q: 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!
Q: Will I receive
statements? Yes. Electronic Merchant
Systems offers you 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.
Q: 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.
Q:
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.
Q: 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.
Q: 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.
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