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Welcome To Your Frequently Asked Questions Corner.

FAQs


GETTING STARTED


What is a merchant account?

A merchant account—aka merchant services account—establishes a business relationship with a merchant services provider, like a bank, and enables a business to accept debit and credit cards, Apple Pay and other contactless payments, eCommerce transactions, and more.

Are you direct merchant services?
No, You will have access to over 25 Banks-Payment Companies Worldwide to find the best pricing & benefits for yourself and your merchants.

Do you set up credit card processing accounts for Hemp/CBD businesses?
We offer CBD payment processing for both online and offline CBD companies.

Do you offer a startup merchant account? How much sales volume should a business generate before we can qualify them?
We recommend to make sure that the business is doing at least $10k a month to make it worth it.

What are examples of high-risk merchant industries?
Dating, Nutraceuticals, CBD, MLM, Coaching, Biz Op, Gaming, etc..

What are examples of low-risk merchants?
99% of brick-and-mortar retail businesses are low-risk as well as in-person payments.

What are the requirements for a merchant account? (basic or non-negotiable requirements) How long does it take to get approved and set up?
It can take 1-14 days depending on the merchant and the country. For most low-risk retail merchants, it takes under 48 hours to get approved, if not quicker.

Do I have to complete lots of paperwork?
Applications can be done in a few ways: online, digitally, in-person or by email. Usually, they are only a few pages.

What’s included with the merchant account?
This all depends on the merchant. Whether you are are an online or offline business, the payment processor you go through will provide the proper hardware that is needed by the merchant to process their payments.

How does the merchant account work?
A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. When a customer pays for a product or service with a credit card, the funds are first deposited into the merchant account and from there eventually transferred to the business bank account.

Why do I need to provide my Social Security and/or Tax ID number on the merchant services application?
This applies to US-based businesses. Providing your Social Security Number and home address is a requirement when applying for most merchant services accounts.

What kind of businesses do you accept?
We are able to provide payment processing for any legal business online or offline.

What if my business is not based in the US?
We provide payment processing worldwide besides OFAC countries. Currently, sanctioned countries include the Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, and Zimbabwe.

Do I need a business license?
A business license is almost always required: Merchant account underwriters review and file a copy of your license to validate your business’s standing. This can be anything from a fictitious name statement to articles of incorporation.

Do I need a business checking account?
A: Even if you are a sole proprietorship, you will need a business bank account before opening a merchant account. You can open one in about 15 minutes at your local branch and they only require that you have a business license and EIN (employer identification number, which can be your social security number if you’re a sole prop with zero employees)

What if I have less than perfect credit?
If poor personal credit is stopping you from getting a merchant account, there are things that your merchant can do to get approved. Also depending on the size of the account sometimes their credit history may not be a factor, also depending on if they are a startup or existing business has a lot to do with it. Enlist a co-signer The most popular way of getting a merchant account with poor credit is to have someone with better credit act as a co-signer on your merchant account. In this case, the processor will consider the personal credit of the co-signer on the merchant account application instead of your personal credit. This is no different when buying a home etc… Allow rolling reserves Another way to get a merchant account if you have less than perfect personal credit is to allow processors to impose a rolling reserve on your account. This can be removed sometimes after a few months and paid back to them.


Why should I accept credit and debit cards?

When you take your business from a cash-only operation to one that accepts credit and debit cards, your potential customer base broadens significantly. The more customers you attract, the more likely you are to make additional sales. Accepting credit cards helps level the playing field with your competition.

What payment types can I accept?
They will be able to accept all major credit & debit cards.

My website is not ready; can I still qualify for an account?
In order to get approved for a merchant account your website must be fully complete so that our underwriting team can make sure your site is fully compliant. For some people who are selling subscriptions etc… a test login may need to be provided to the bank to login to their site.

Why should I accept credit and debit cards?
When you take your business from a cash-only operation to one that accepts credit and debit cards, your potential customer base broadens significantly. The more customers you attract, the more likely you are to make additional sales. Accepting credit cards helps level the playing field with your competition.

Is there anything we need to do with our merchant account after we have set it up?
Once your merchant is set up either via new hardware, online, offline etc… it is a smart idea to run a test transaction to ensure everything works. 

Will my business qualify for a merchant account?
Yes, for brick and mortar and in person businesses they almost always get approved. Some retail businesses can be considered high risk. Those businesses may just have to go to specific bank not the normal bank you place your business with. 

What if I need to terminate my payment processing contract early?
We do not recommend putting ETF fees, “Early Termination Fees” in our new merchant’s contracts. The only time we would recommend that we apply an ETF $500 or under is if we must pay your ETF with your previous provider. 

How do I know which payment processor to select?
Great question, we do all the heavy lifting for you! You can focus on your business while we connect you with the best processor that fits your business model. Besides fitting your business model, we will also work on your behalf to get you the most favorable rates and terms.

Why do you have to check my credit?
The bank/processor needs to calculate the risk associated with a new merchant account no differently than say buying a home. After your merchant is approved, processing history is used to measure risk associated with their account such as chargebacks or reputational risk.

How long will it take to begin accepting card payments?
For low risk/retail merchants than can be up and running in as little as 24 hours. For your ecom, mid to high risk merchants it can take on average 2-5 business days to be approved.

What other currencies can I accept aside from USD?
This is more for your ecom (online) merchants. The answer is yes, with our payment partners you will  be able to accept multiple different currencies for their products if needed. Also, this will be to be noted on their account to let the processor know to have this set up.

How much customer support will I be able to access?
You will have access to almost 24/7 support via phone, email, and support tickets to make sure that your business is being taken care of no matter what happens.

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