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Merchant account processing are services provided by a bank or a third party
processor (on behalf of the bank), to the merchant that include authorization
of credit cards, settlement of funds through the bank associations
(MasterCard/Visa), depositing of funds to checking accounts, merchant
billing and account activity reporting.
How do I get a merchant account?
Complete the online merchant account application.
Is there a fee for processing my application?
There is no fee for processing your application until you have been approved. If you
accept one of the offers, you will be charged a $99 fee.
Is there a contract to sign?
In order to take advantage of the processing services,
you will need to agree to
the Terms and Conditions set forth in the Merchant Processing
Agreement and sign all applicable documents.
What information will I need to complete the merchant application?
To complete the merchant application, you will need to have the following
information available:
General Information: Legal and DBA (Doing Business As) name,
Business address, and name and title of legal business signer,
Business telephone number, fax number (if applicable), and contact
name, E-mail address, and Internet site address.
Business/Storefront Information: Physical store
location, Type of ownership, state incorporated, and federal tax ID,
The date your business began, and what your
business sells.
Sales Data & Business Information: Totals of annual cash and
credit card sales, and percentage of credit card sales by mail order,
telephone order and in-store purchases, Sales tax percentage, Credit
card refund and submission policies, Delivery information. Method of
Advertising. Businesses with credit card volume over $50,000 will be
required to submit additional financial data.
Current credit card processing information: Name, address and
phone number of current bankcard provider, Merchant number if any.
Business Owner Information: Names, addresses, phone numbers of
first/second owner, partner, or officer, Title and social security number
of person(s) listed.
Banking Reference Information: Bank name and address, Contact
name and phone number, Date the banking relationship opened and
average daily balance of the account, Total dollar amount of credit
available, Total dollar of business and Personal accounts.
Funding information: ABA and DDA numbers (have a voided or
blank business check available to retrieve this information).
Card Type Information: You will (upon approval) be able to offer
MasterCard, Visa, American Express, Discover Card, JCB and Diners Club. If you are a
current American Express merchant, please provide your Service
Establishment number provided by American Express.
NOTE: The information you provide on the merchant application is encrypted and
secured. No information will be provided to third party vendors.
What are the Terms and Conditions?
The Terms and Conditions document reviews the regulations set forth by the
Visa / MasterCard associations, discusses the banking relationship between
the merchant and the bank, and defines your rights as
the merchant and the rights of bank as your credit
card processor. It is very important to review and understand these
regulations. You will receive another copy of the Terms and Conditions once
your application is approved.
How long does the merchant application approval process take?
After submission, your application will be reviewed by our credit decision
system. If the application is approved or declined, Merchant Resource Center
will contact you via e-mail (in most cases, within two business days of
submission). If additional review of your application is deemed necessary,
you will be notified by e-mail to provide additional information to us. You will
have up to 10 days to provide this additional information back to us.
Is my merchant application information secure?
Yes, your application information is encrypted and secure when it is
transmitted to us.
How do I know my merchant application was received? What do I do
if it was not received?
You should first check to see if you have received confirmation by e-mail.
This e-mail confirming the receipt of your application is usually sent out
within minutes after you submit your application. Should this be missing, you
can e-mail support@merchantresourcecenter.com to follow up on the status of your
application.
Who reviews the information on my merchant application?
The bank credit underwriting and activation group will
review your merchant application. The information you provide is kept
confidential.
What happens after my merchant application is approved?
You will receive an e-mail confirming your approval.
You will also receive a hard copy Welcome Packet by mail that
contains additional information.
How quickly can I begin processing credit cards once my merchant
application is approved?
After you have received an e-mail of approval, you will be able to accept credit cards
immediately.
Will I need to purchase additional equipment?
You may have to purchase additional equipment if you don't have any. You will receive
further instructions with you approval packet.
How will I get paid for credit card transactions?
Funds are automatically transferred to your business checking account via
an electronic Automated Clearing House (ACH) transfer after a
transaction has been "captured" and settled for payment.
Will I receive statements from the bank?
Yes. You will receive monthly statements in the mail.
What credit card types may I accept?
You will automatically be set up for VISA®, MasterCard® and Discover® transactions.
You will have the option to also accept American Express®, and Diner's
Club® .
Am I required to have a physical storefront to process
credit cards?
No, this is not a requirement.
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How It Works
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