e-Merchant Services FAQs
What is an e-Merchant account?
An e-Merchant account is an account at a bank/financial institution that allows you to electronically accept credit and debit cards for payment of goods and services.
When are the funds deposited into my business checking account?
The standard time period for settlement into your business checking account is 2 - 3 business days.
What are the security and fraud prevention measures?
Our e-Merchant services providers offer robust data security and fraud protection resources. We can help you comply with Payment Card Industry Data Security Standards (PCI-DSS); a set of requirements for enhancing payment account data security. PCI compliance means that your business is exhibiting the best practices to prevent cardholder information fraud or data security breaches.
How do I establish an e-Merchant account?
Regardless of the type of business you have…simply complete our online e-Merchant Request Form or call us at 1.877.772.ePAY (3729). One of our trained e-Merchant specialists will work with you to create the solution best suited to your business needs.
How long does it take to set-up an e-Merchant account?
The time it takes to establish an e-Merchant account depends on several factors, i.e. your timely submission of the application, accuracy of the information provided and any required additional documentation. Upon approval, your account will be activated and if necessary training scheduled.
What are the costs for an e-Merchant account?
NO costly one-size-fits-all programs. Our e-Merchant services are customized in accordance with your specifics business objectives. Pricing is based on a number of factors such as type of industry, method by which payments are accepted, card types and other variables. To receive a personalized pricing quote, simply complete our online e-Merchant Request Form or call us at 1.877.772.ePAY (3729). One of our trained e-Merchant specialists will work with you to create the solution best suited to your business needs.
What is a discount rate?
Discount rates are charged by the bank to process your sales transactions. For example, if your discount rate is 2.50% and the order is $100, the bank would deduct $2.50 from the sale.
What is a transaction fee?
Transaction fees are typically charged by the bank to settle your sales transactions. For example, if your discount rate is 2.50%, your transaction fee is $0.25 and the order is $100, the bank would deduct $2.75 from the sale.
What is an Interchange rate?
Interchange rates are the wholesale rates that Visa and MasterCard charges the banks to process credit and debit card transactions.
What is a monthly minimum fee?
A monthly minimum is typically assessed to offset the cost of maintaining and managing your e-Merchant account. For example, if your processing company charges a $25 monthly minimum and your total discount and transaction fees are less than $25…the monthly minimum will apply. Conversely, if the total discount and transaction fees exceed $25…you pay only the total fee amount.
Why are rates higher for Internet, Mail and Telephone Order transactions?
Face-to-face transactions where the credit card is swiped and approved via a terminal are considered less risky by banks/financial institutions. Since the card is not present with online, mail and phone order transactions…rates are often higher to offset the potential for fraud and chargebacks.
What are chargebacks?
A chargeback occurs when the purchaser reverses the sale amount at their card issuing bank. As a result the sale amount is deducted from your account. Chargebacks can occur for a variety of reasons, such as double-charging, credit card expiration, fraud, bank error, customer disputes and more.
