FREQUENTLY ASKED QUESTIONS ABOUT MERCHANT ACCOUNTS AND CREDIT CARD PROCESSING

Merchants and agents alike are capable of calling in and speaking to a live person. No long hold times or voicemails.
We represent over 10 different banks and processors worldwide. Ensuring that agents are able to place the majority of the accounts they sell. Don’t miss placing a high risk merchant because your current solution only uses one bank.
Our attrition rate is under 3% annually without contract termination fees! The industry average is over 20%. Merchants stay with us because of our pricing and support.
We process hundreds of millions of transactions annually.
Best of all, our agreement is non-exclusive! Work with as many different processors/banks as you would like. We guarantee we will earn the majority if not all of your business.
Call today and let us show you how we can help increasing your residuals while also exceeding your expectations.

Given below are some FAQ’s regarding merchant accounts and credit card processing

Why can’t processing companies tell their rates on the phone?

The reason for this is that there is no single, fixed rate that is applied to all businesses. Some businesses are riskier than others and therefore, attract higher rates. There are several other factors that decide the rate of interest that will be charged for a business. Some of these factors are volume, the credit report, what type of cards you will be processing, which mode you will be using and so on. The credit reports of both the owners and the business will be a major factor in deciding the interest rate for you.

What exactly is charge back?

A “charge back” happens when funds are taken back from your merchant account and refunded to your customer. This is possible when a customer successfully disputes a transaction that he or she made with you. The transaction came up in their credit card statement and they decided that they will not pay for the transaction and hence called the customer care department, with whom they filed a complaint that is known as “dispute”. This initiates the process. Once the customer has filed the complaint, the merchant bank will ask the merchant to furnish any information or proof regarding the disputed transaction. The merchant will generally have a signed receipt if the transaction was carried out face to face. If the transaction was completed through mail, the merchant will have the form where the customer provided his or her credit card information and authorised the transaction. After knowing that a complaint has been filed, the merchant has two options: if the card holder is saying that the transaction is illegitimate, the merchant has to provide proof of the transaction or if the customer is not happy with the product or service, then the merchant has to voluntarily issue the refund or make his customer happy. If the merchant does not resolve the issue on his own, then the issuing bank will reverse the transaction, thereby transferring the funds back to the card holder’s account. This also results in a $25 fine called as “Charge back fee” that the merchant has to pay to the merchant account provider.

3. How to prevent charge backs in my merchant account?

Communication with the customer is the most important factor in preventing charge back’s to your merchant account. Make sure that your customers can easily communicate with you when they have some issues regarding the product. If there is a toll free number for your business, tell your card processor to incorporate the number in the card holder’s monthly statement. Second, make sure that you have good security systems in place to prevent fraudulent transactions. Use the Card Verification Value code that is on the back of the card for verification purposes. Third, utilise the “AVS or Address Verification System” to check for authenticity.