Merchant Credit Card Account Process: 4 Frequently Asked Questions
As an online business owner, you’ve come to the realization that accepting credit cards can help you grow your venture and increase your sales. With this understanding, you must now choose a merchant account to work with. Before you make your choice though, you must first learn about the true costs that come with merchant account pricing. Check out these merchant credit card account FAQs to help make an educated decision as to which merchant account is best for your needs.
What do I need to open a merchant credit card account?
Generally speaking, you’ll need the following to open a merchant account:
- A business checking account
- A website or physical business location
- A product or service that is not listed as a restriction
- No open bankruptcy
Even if you have bad credit or a risky type of business, you may still find processors willing to work with you as long as you’re willing to fulfill certain obligations.
How do I receive the money from a credit card sale?
The funds will be delivered to your checking account. The speed at which you receive your funds will depend on the type of merchant account you select, but in most cases, the funds will reach your account after two business days.
How can I monitor the business that my merchant account brings in?
As a merchant, trusted merchant account service providers such as Total Merchant Services of PA will furnish you with a comprehensive statement that details each and every credit card transaction.
Are my funds guaranteed?
Customers may dispute a credit card charge issued by the card’s bank. Once a customer challenges a charge, the bank will send a retrieval request to the merchant requiring proof that a sale has been made between the merchant and customer. That being said, it is often the merchant’s responsibility to perform due diligence and protect his or her business against someone trying to transact with stolen cards. A merchant account processor has the right to discontinue service if a merchant is unable to protect the business from fraud, among many other reasons.
Do you have more questions about merchant account implementation? A credit card machine and service supplier such as Total Merchant Services of PA may be able to answer them as they apply to your personal business situation.
Sources:
The Complete Guide to Credit Card Processing Rates & Fees, MerchantMaverick.com
A Guide To Understanding Merchant Account Rates & Fees, StreetDirectory.com
