Merchant Account Actions

Business License
You need to have a business license as a merchant through the city even if you are a sole proprietor. In the accident you be breach by a added processor we about accede those antecedent affairs to plan out how adjustment is done. Once you have obtained your business license you can go to your local bank and open a business account and get started in accepting credit cards and checks.

Legitimacy
The next step would be proving to the bank that you have a sale store to sell your product or service. If you do not have a retail store you need an online store or some type of advertising or selling material to present to the bank for legitimacy amongst other things.

Other Considerations
The pick will be looking for what you are selling, just how much you are selling it for and what your refund policy and service policy, this is a requirement of Visa and MasterCard.

Charge backs
You as a merchant must be careful of what type of marketing techniques are being used due to charge backs. You are usually allowed up to 1% of sales for a charge back or dispute of charge. A charge back is not a refund or return.

Visa and MasterCard has a right to terminate your account and you need to training great business, whether this become on-line or in a retail feeling.
Should you be diverting by an additional processor we generally look at those previous statements to see how placement is done. Having some Charge backs is ok but have to be within the tolerance of certain guidelines.

The Application Process
Usually in a rush type of situation it can be done in 24 hours and in some cases an MID# can be issued within the hour. Typically, its usually not the case but we will fit everything in possible to expedite the situation if possible.

High Risk Merchant Accounts
A criminal criminal record search is done and cross check information as well as whether or not termination from another processor was happening. If you are switching from some other processor we look at previous statements to see how placement is done. Having a few Chargebacks is ok but have to be within the tolerance of certain guidelines.

Merchant Account Fees
Payment gateway fees which usually consist of transaction, monthly access and setup fees. Then you have the merchant account fees, which include three different levels, which fees are bundled in accordance with what kind of service provider you are and exactly what risk you, fall under.