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Small Business Merchant Accounts FAQ |
At Small Business Merchant Accounts, we accept nearly all businesses including retail, professional, mail order, tele-marketing, Internet based, and home-based businesses. Sorry, we do not accept adult related businesses.
Do you accept international merchants?
Yes. Small Business Merchant Accounts does provide international merchant accounts.
What if I have less than perfect credit?
At Small Business Merchant Accounts, our approval rate is 98%. Even if you have bad credit you are likely to get approved. If you do happen to get declined, we will gladly return your application fee, so you have nothing to lose.
What credit cards will I be able to accept?
At Small Business Merchant Accounts, we set your account up so you can accept MasterCard and Visa. Additionally, you can apply for American Express and Discover at the same time. There is no set up fee for American Express. If you would like to accept the Discover Card there is $50 set-up charge.
Are there any monthly fees for accepting American Express or Discover Card?
Discover charges a discount rate and transaction charge which is set by Discover. American Express charges a transaction charge, but instead of a discount rate, for just $5 a month American Express allows merchants to process up to $5000 per year. This results in an effective discount rate of just 1.20%. American Express will determine a discount rate for your specific business for amounts processed over this amount.
Do I need a business license?
Yes. You need to have documentation showing you have registered your name -- such as a business license, trade name registration, dba certificate, etc.
What is the discount rate?
Every bank charges a discount rate. The discount rate is the percentage of each transaction that the processing company charges to handle the transaction for you. Our discount rates are exceptionally low, starting at just 1.59% for retail (swiped) merchants and 2.15% for mail order or telephone orders and Internet merchants.
What is the Address Verification System?
If you sell via mail order, telephone order or through the Internet, you don't want to send a product to a false address and have a risk of receiving a chargeback. The Address Verification System (AVS) lets you enter the customer's home address and compares it to the address on file with their credit card company. If someone uses a stolen card, and wants products shipped to a false address, AVS will you detect this.
Will I receive a statement?
Yes. A statement is mailed out every month with the information on all deposits into your account, your total sales volume, and the charges for the month. There is a Monthly Statement/800 Help Desk Fee of $10. Additionally, you are able to access your account online.
How will I get my money?
Your money will be deposited directly into your current business checking account. All funds are available within 48 hours.
How do I apply?
Just fill out the free, no obligation, online merchant account application. We will contact you within 24 hours (not including weekends and holidays) and let you know what program you have qualified for, and answer any questions you might have. If you would like to proceed with your application, we will walk you through a complete application package and send it to you. When you receive it, you sign where indicated, and return it along with the requested documents.
How long does the approval process take?
Once all necessary paperwork is received, most accounts are approved in 72 hours. Once approved, we will immediately inform you of your acceptance and deliver the terminal equipment or software.
Is there a service phone number that I can call if I need help?
Yes! You will have live, toll-free merchant assistance available to you 24 hours per day, 7 days a week, 365 days per year.
Small Business Merchant Accounts