Here are the Most Common Questions asked by merchants:
- What is the difference between a gateway account and a merchant account?
The difference between the gateway account and the merchant account is that the gateway accepts and verifies the credit card information and the merchant account processes the funds and gets paid.
- Am I locked into a contract?
No, we do not lock our merchants into a contact for any length of time, you can cancel at any time without a penalty.
- How does the pricing work?
Most merchant accounts are set up on either tiered pricing or interchange/cost-plus pricing. We set up your pricing based on which way we can save you the most money. We’ll ask for your current bank/merchant statements and then create a personalized analysis and proposal for you.
- What are your rates?
The rates vary depending on the type of business. Contact us to find out more.
- How long does it take to get my money?
Most deposits take 2 business days from the time the transaction is processed. Amex in some situations will take 3 business days to deposit into your account.
- Will they check my credit when I’m setting up my merchant account?
Yes, the signer on the account will have their credit ran to set up a merchant account. The only exception to this is if they are a corporation or non-profit, then we can do a “soft pull” where all we are doing is verifying the signer is a real person.
- What documents will underwriting request?
The typical documents that are asked for are a copy of a voided check or bank letter, three months of previous processing statements, three months of completed bank statements, article(s) of incorporation, a copy of your driver license, and an SS4 certificate or W9 Form.
- Can we fill out the application online?
Yes! We have an online version of our application that can be filled out on a computer in minutes.
- How long is the underwriting process?
Generally most accounts can be approved in 2-3 business days but it also depends on the business type and volume requested.
- Will I have a reserve?
In most cases, the answer is no, but there are certain business types that underwriting will require a reserve.
- What kind of reporting features do you provide?
We provide an online merchant resource center where you are provided a login and can view all your statements, deposits, transactions, etc.
- What is PCI Compliance?
This is a requirement handed down from VISA/MC that ensures your website and means of accepting payment is “up to code.” We have a PCI toolkit program that we enroll you in to help ensure you are always compliant.
- Do I get charged fees every day or once a month?
We can set up your fees to be charged either way, depending on your preference.
- What is a chargeback?
This is when a customer denies or disputes a charge that they made with you as the merchant. You then get charged a small fee and must provide documentation proving the sale in order to fight the chargeback. We also have a chargeback center that helps you in fighting the chargeback.
- Do you have a way to process via a phone/tablet?
Yes, we have our own app called “Platpay” that allows you to process from a mobile device anywhere you get service for that device.
- Why do I need a gateway?
The gateway is a channel that transfers credit card information from the credit card issuing bank to your merchant account.