Merchant
Account Questions
What
is a merchant account?
Do
I need a merchant account?
Where
can I get a merchant account?
What
is a chargeback?
What
is a batch?
What
is a Merchant Account?
A special bank account that enables merchants
to receive credit for credit card transactions
less a processing fee from a merchant credit card
processing bank.
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Do
I need a Merchant Account?
Yes, you need an Internet merchant account that
is setup on one of these networks: NOVA, VISANET
(Vital Processing), CONCORD/BUYPASS Terminal ID
(TID), FDR/FDC Type 7 Omaha (if Nashville type
0 must switch), GENSAR, MAPP HOST/M (GPS), CES/4
(CardNet/First Data/FDMS), NABANCO (FDMS/First
Data), NDC/CNET/N (GPS).
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Where
can I get a Merchant Account?
There are many places you can get an Internet
merchant account. You can go through your local
bank as long as they are familiar with and are
setup on one of the (9) networks listed above.
Also be sure to inquire about the rates and if
a long term contract is required. Our Recommendation:
Merchant Store: http://www.merchant-store.com/
* Internet Merchant Account - $99 setup fee. *
This fee is refundable if the bank does not accept
you. * 30-day merchant account cancellation notice.
* Visa/MasterCard Discount Rate: 2.39% * Per transaction
fee: $0.30 * Statement/Maintenance fee: $10.00
* Minimum processing: $20.00.
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What
is a Chargeback?
When the owner of a credit card issues a dispute
about the charges to their credit card Bank. This
causes the funds of that transaction to be returned
until the dispute is settled either in favor of
the Merchant or the Customer.
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What
is a Batch?
A batch is the delivery of an authorized sale
or group of sales to the bank for payment This
occurs after a sale has already been submitted
for authorization. Typically, a merchant will
batch once daily all of the authorized transactions
and credits processed during that period
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