subject: 5 Top Card Processing Faq's [print this page] Card processing can be confusingCard processing can be confusing. When utilizing payment processing, most merchants will ask the following 5 faq's questions.
I. Question: How do I get started?
Answer:
a.You must submit an application with a qualified sales representatives. Or a quote request. The sales representative will go over per transaction (per sale) rates and monthly fees. This is called a quote. Also beware of common credit card accepting pitfalls.
b. You must have a valid checking account. The checking account must be in your personal name or company name. Most companies require a pre-printed voided check. (no table or temporary checks). Or a letter from your bank typed on their letterhead, routing and checking account number verifying that the account is valid. Other companies may just require the checking and routing number entered into their online application.
c. You must have a valid government issued Business License. For example: Articles of Incorpration, Ficticious Name License, EIN paperwork. Some states do not require you to file a license if you are a sole proprietor so check with your Secretary of State.
d. You must have a vaild photo ID due to the Patriot Act. For example: Drivers License, State Id, Passport photo. Most times only th number is required not the physical copy.
II. Question: Why do I need a valid checking account?
Answer: All funds are deposited into the checking account on file. In some cases, you can have (2) accounts on file and specify which account will be for our fees only. By the rules that govern our industry Card Processing companies cannot accept saving accounts or accounts that do not allow deductions (non transactional).
III. Question: Can I use my personal checking account?
Answer:You may use your personal checking account if your business if classified as a sole-proprietor. The same applies if you are a partnership or an LLC partnership. Otherwise you must have a checking account in your business name.
IV.Question: How soon will I get my monies?
Answer: Usually turn around time is within 24-48 hours, so funds will be deposited in your checking account. All hours are banking hours. so you may see an exception on federal holidays. Your deposit time may vary due to federal holidays and batch times. When banks close for a holiday this will usually mean that your monies are delayed by a day. When your credit cards terminal batches (closes for the day). You can batch two ways manually by pressing a button on the credit cards terminal or internet service where allowed, you have autobatch. This is where the card processing company batches for you. Most times are usually 12:00am. So, if the batch time is 12:00am on a Friday this means your deposit will be delayed because the banking hours are are over at 5:00 pm. You can usually change the time of your batch just talk to your Card Processing company. Question: What are the main requirements to open an account?
Answer: At minimum your business must be US. based and cannot sell illegal products, nor can you business be illegal.
V. How do I know what programs and rates are right for my company.
Answer: The sales representative should offer this service free with a card processing consultation.
