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What can a merchant account do for me?
Merchant accounts allow businesses the ability to accept and process credit cards. This means that your business will have more sales and more revenue.
Why do you need my bank information?
We use your bank account information to deposit your funds into every day.
Why do you need my SSN?
A social security number is required because opening a merchant account is essentially like opening a line of credit.
What is involved in opening a merchant account?
We have a streamlined application process where you will have the assistance of one of our dedicated account managers to help you do it right the first time. We need information about your business that may include financial documents, such as tax returns; a void check for funding purposes, as well as promotional material for you business and some information about yourself.
Is there an application fee?
We do not charge an application fee.
Is there an ETF?
Kredit Karte will never assess an Early Termination fee to your account, nor do we lock you into a contract. If at anytime, you feel that your business would be better conducted elsewhere, we will help you move to another provider.
Are there any hidden fees?
Any fees that are charged to you are disclosed up front.
What kind of rates can I expect?
We do not have set rates because we design pricing specific to your business, sales volume, and how your transactions qualify. Your pricing will be customized to your business.
What is a chargeback?
A chargeback occurs when a customer disputes a charge on their statement by contacting the credit card company instead of contacting you. A customer can file a chargeback within 60 days after the money is withdrawn from their account. If a customer does not recognize the charge on their statement, or if they believe the amount was wrong, they may call their credit card company and ask them to investigate. Thus begins the chargeback. The merchant bank will charge you a fee for the retrieval of information, and if it is determined that the customer is right, there will be another fee for the chargeback itself. The customer will be refunded their money directly through the credit card company and your checking account will be debited.
What is the difference between Qual, Mid, and Non?
Qualified discount rates are card present transactions, a retail transaction that is card swiped and the merchant batches out at the end of the day. Qualified discount rate is applied for all transactions meeting the "normal" operating guidelines as outlined below:
* All Merchants
Close batches daily
* Retail (Terminal) Merchants
Magnetically swiped & electronically authorized charges
* Internet / MOTO Merchants
Electronically authorize charges using AVS and including order numbers for Visa and MasterCard transactions
Mid-Qualified discount rates are a card not present transaction, which includes the billing address being passed for an authorization or sale transaction. This also applies to Loyalty/Reward cards. The discount rate for this transaction is higher than the discount rate for a Qualified transaction. Mid-Qualified discount rate is applied for all transactions meeting the operating guidelines as outlined below:
* Retail (Terminal) Merchants
Manually keyed orders using AVS & order number on Visa and MasterCard transactions.
* Internet / MOTO Merchants
There is no mid-qual rate for Internet / MOTO merchants
Non-Qualified discount rates are a card not present transaction, which does not include the billing address being passed for an authorization or sale transaction. This also applies to charges on Government, Corporate, Foreign Cards and some Loyalty/Reward cards and when sales transactions are not batched within 24 hours. The discount rate for this transaction is higher than the discount rate for a Mid-Qualified transaction. Non-Qualifieddiscount rate is applied for all transactions meeting the operating guidelines as outlined below:
* All Merchants
- Not Closing batches daily
- Not using AVS & providing order numbers on manually
keyed or Internet transactions for Visa Cards
- High Risk Merchants (Visa Transactions Only)
- Following Card Types:
: Business and Corporate cards
: MasterCard/Visa Business cards
: Procurement cards (Government)
: Visa Signature cards
: MasterCard World cards
What is interchange?
Servicing fees paid by acquirers to issuers for transaction costs. Visa/MasterCard establishes and periodically reviews interchange rates.
Where are my transaction funds deposited?
Funds from your electronic check transactions and credit card transactions are deposited into the checking account that Kredit Karte has on file, from the voided check that will be submitted with your merchant application.
How long does it take to receive funds after my transactions are submitted?
For all credit card transactions, it will take one to two business days to have the funds deposited into your account. For electronic checks, our provider, Telecheck, will deposit funds into your account in two business days.
Where can I view my merchant statement?
These statements will be sent to you monthly via mail. You can choose to have your statement sent to you weekly if you so like, but in addition, you will also receive a statement for every month.
You can also view the activity of your merchant account via our online reporting system.
What kinds of credit cards can I accept?
To date, Kredit Karte can process Visa, MasterCard, American Express, Discover, JCB, Diner’s Club and Electronic Benefit Transfer (EBT).
How do I process AMEX transactions?
In order to process American Express credit cards, Kredit Karte will submit an application for you to American Express for an American Express Merchant account. This is required for AMEX transactions because American Express has their own rates and fees. Normally, this is done when you apply for your merchant account, but an AMEX Merchant account can be added to your account at any time. Simply notify us that you wish to accept AMEX and we will do the work for you.
How do I process Discover transactions?
Kredit Karte is a Discover full acquirer, which means we are able to price and maintain your account the same as Visa/MasterCard.
Do I have to get a new terminal?
No, Kredit Karte will reprogram your terminal through First Data. First Data has the only open source profile and is conducive to all terminal models. |
