FAQ’s

What is a merchant account?

It is an account that allows businesses to accept payments by debit or credit cards. It usually generates an agreement between the retailer and the Merchant Service Provider

Why do I need a merchant account?

It is proven that merchants who accept payment via credit cards increase their revenue by an average of 20%. Also, by accepting credit cards, and other forms of electronic payment, a merchant will receive payment faster and not focus on chasing customers for payment.

How do I apply for a merchant account?

It is very simple! You can submit an online form by Clicking Here, to receive a quote.

What is a Card-Not-Present merchant?

A merchant that sells a product online, over the telephone, or through the mail. The card is not present at the time the sales transaction is processed.

Will I need more than one merchant account if I have more than one website?

We offer unique solutions that will allow your business to accept payments from multiple URL maintaining one merchant account only. Our solutions include dynamic retail descriptor and customer service phone number options for multi eStores.

Can I have a merchant account for a company outside of the US?

Yes. Whether you are looking to expand your business and market overseas, or need an offshore solutions for US based business, we can help you.

How do I know what type of equipment is best for my business?

Our experts will help you select the best equipment (Brick and mortar terminals, POS or payment Gateway) for your business type.

What is a Payment Gateway and a shopping cart?

It is a way to process electronic credit card transactions. We offer multiple gateway solutions, and in some instances can also provide solutions that will eliminate the need of a gateway, adding to your bottom line revenue.

Can I offer online payments in a foreign currency?

We can help you set up a merchant account that will give your foreign customers the choice to pay in their local currency, or US dollars, while settling funds into your bank account in your selected currency. Your customers will not be responsible for currency exchange fees, and merchant’s exposure to customer’s dispute is proven to be decreased.

What is a chargeback?

Customers have the right to dispute a charge to their credit card, typically when goods or services are not delivered within the specified time frame, goods received are damaged, or the purchase was not authorized by the credit card holder. A Chargeback is the return of funds to the customer, initiated by the Issuing Bank. Merchant will be granted a timeframe to reply to the chargeback request, submit proof of the sale or the receipt of goods/services sold, and receive credit for the original sales amount.

What is Interchange?

It is a fee that a merchant’s bank (the “acquiring bank”) pays a customer’s bank (the “issuing bank”) when merchants accept cards using card networks such as Visa and MasterCard for purchases. In a credit card transaction, the acquiring bank pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller fee which is often referred to as a discount rate, or fee.

What is PCI Compliance?

The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment. Essentially any merchant that has a Merchant ID (MID).

The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover and JCB.).
You may find more information on Visa’s Website:
http://usa.visa.com/download/merchants/payment_application_security_mandates.pdf

What is AVS?

AVS (Address Verification System) is a system that attempts to match the billing address that a customer enters in the Billing Address fields during checkout. When the credit card entered is authorized, AVS checks to see if the cardholder’s address entered during checkout matches the address information on file with the issuing bank. This system will reduce the merchant’s exposure to fraud especially in a card not present environment.

What is CVV2?

A CVV2 is a three or four-digit number printed on credit cards to help card-not-present merchants verify that the customer has a legitimate card in hand at the time of the order. The term "CVV2" literally means card verification value 2. This is a code that is placed on the credit card for security purposes. The merchant asks the customer for the CVV2 and then sends it to the card Issuer as part of the authorization request. The card Issuer checks the CVV2 code to determine its validity, then sends a CVV2 result back to the merchant along with the authorization.

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