Services CA MA & NH

Credit Card Merchant Services

You don't have to live in Concord (MA, NH, CA, VT, or elsewhere) to get great rates on merchant accounts and payment processing services. Thanks to innovations in technology and fast shipping, you can get a credit card terminal in your hands tomorrow with better rates than the ones you are paying today.

Concord Credit Card Processing Why do you need a merchant account? If you are currently taking your credit cards through services like Square or PayPal, then a merchant account is a natural move up once you start taking more than a few thousand dollars per month in credit cards. You can usually calculate the break-even point where switching to processing with a terminal becomes more profitable than taking fixed-rate transactions. Above this point you will be leaving money on the table and if you plan on growing your business this amount gets progressively higher with the amount you process. Today's merchant services companies are able to offer a lot more options than ones from just a few years ago, but you still need to be cognizant of the fact that agreements can be heavily one-sided, and your salesperson will likely try to get you into the most expensive plan possible, since that one pays the biggest residuals or the highest bonus for setting up a terminal lease. In fact, if you are getting great rates on your merchant account you are likely paying more for leasing, or vice versa.

Opening a merchant account involves a lot of disclosures and signatures. Companies like AMEX may require separate approval since they essentially have their own acquiring bank and are unlike associations of banks that are the backbone of Visa and MasterCard. When signing up for merchant services it is important to keep in mind that you are dealing with a financial instrument that also functions as a loan as well as a conduit for taking all kinds of credit cards, debit cards, checks, and other payments. The amount that you pay for services depends on variables like your SIC code, credit history, the type of transactions and cards presented, and whether you swipe cards or key numbers in.

MATCH List or Terminated Merchant File

If you are on the MATCH list or the Terminated Merchant File, then you should expect to pay more money for an account if you can get one at all. MATCH list information usually is added if your account is suspicious or you closed an account without paying off the balance due. You could end up being unable to take cards for a number of years, especially if fraud is alleged or suspected. Therefore even if you are in a dispute with your current bank, you should settle all outstanding balances or you will be on a merchant account blacklist that it is hard to escape from.

Documents Needed To Open A Merchant Account

Despite the fact that you are operating a business, and may have been running one for quite some time, you will need a lot of personal information if you want to open a merchant account or switch to a new provider. This is thanks to the USA Patriot Act, which mandates enhanced "Know Your Customer" rules related to transferring money through credit card processing and payment acceptance accounts. Therefore, you should neither be surprised nor offended when asked for a Social Security number, driver's license, and reference information for yourself and the principals involved in your firm. As much as you might want to argue with the processor representative, the fact remains that several different entities are involved in authorizing any transaction, and all of them must comply with Federal, state, and local laws.

You may also need articles of incorporation, business license info, and trade references as well as old merchant statements if you have any. There are usually multiple underwriting departments that look at your application, so any incomplete information is going to get the document kicked out. Crossing out the stuff you don't like on the document also won't fly, unless your rep tells you to do so. .