Merchant FAQ's
To accept credit cards you will need to obtain a Merchant Account with an acquiring bank. Depending on the amount of Internet processing your business does will determine whether you need to have a merchant account for your face to face transactions and a separate account for your telephone, mail order and Internet transactions.
Why does it cost more for Internet, mail order, and telephone transactions?
Issuing banks consider card present, face-to-face transactions less prone to fraud and subsequently this reduces all parties' exposure to additional expense. The discount rates charged by issuing banks reflect the different levels of risk and expense exposure.
How long does it take to get a merchant account activated?
It can be as quick as twenty-four hours or take up to two weeks for the setup to be established. Availability of required merchant information, industry segments, and amount to be processed are all key elements in getting approved and setup to process. Acquirint's sales support group will work with you to get your business processing as soon as possible.
When will funds be received into my checking account?
Funds will generally be available within 2 to 3 business days. 100% of the transaction amount is deposited into your account. Your merchant fees are charged against the next merchant account statement.
What is a discount rate?
The discount rate is a percentage of the dollar amount of card transactions that the bankcard acquirer charges the merchant for their processing. Much of the discount rate is dictated by the "interchange" costs imposed by the card associations. (Visa, MasterCard)
What is Address Verification Service (AVS)?
Address Verification Service (AVS) is a fraud prevention service that validates a cardholder's address (provided during a transaction) against the card issuer's records. This service is normally required as part of a credit card authorization for mail order/telephone order/Internet transactions. A code is returned with the authorization result that indicates the level of accuracy of the address match and helps secure the most favorable interchange rates.
What is a Payment Gateway?
To accept credit cards through the Internet, you need a merchant account and a secure payment gateway. The gateway is generally provided by a third-party service, not by the bank. However, Acquirint includes both the merchant account and its own gateway enabling transactions to be sent via the Internet in fast and highly secure manner.
How does check processing work?
You do not need a merchant account to process checks electronically. Funds will be deposited into your bank account just like your credit card proceeds. All you need is a payment gateway and access to a terminal entry application. Just like credit cards, you can process checks in person, over the telephone, online, or from your website. Taking checks is also less expensive than processing credit cards.
What is an online shopping cart?
An online shopping cart is a virtual catalog that showcases all your products to consumers online and allows them to purchase the products. It acts as a virtual store where your customers can enter their payment information. There are display properties and a checkout process. Shopping carts are the most widely used system for selling products on the Internet.
What if I already have a shopping cart and simply need payment processing?
It is very likely that your existing cart can be integrated with your Acquirint merchant account and gateway. It is easy to check with your provider or with an our sales support team.
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