Getting a merchant account takes some time and requires some decisions. To
help you with the process, we have listed some of the most frequently asked questions, as
well as our answers regarding rate determination. The rates for high risk clients may be
slightly higher, we will call you and explain. Press
We are able to provided a Merchant Number from each of the four major credit card companies: Visa, MasterCard, Discover and American Express. The percentages for these cards can vary, however, Discover will usually match the rate set by Visa/MasterCard which is 2.25%. American Express will range from a low of 2.95% to a high of 3.5%. We strongly encourage you to be prepared to accept all types of cards as you never are sure which card your customer may wish to use when making a purchase or paying for services. A 2.25% rate, plus 28 cents per transaction is applied to all hand entered transactions, i.e.. mail order or Internet sales & telemarketing. You will receive a monthly statement which will list all transactions run during the previous month and their related costs for your volume and transactions. You simply reconcile your checking account once a month. You will incur a $10 per month statement fee, which will be included with your monthly processing fees. We also can provide check and ATM card processing for as little at .40 cents per transaction. Since most people have more money in their checking account than they do in their pocket, being able to access these funds without running the risk of a bad check could be an important boost to your business volume. Check and ATM processing affords you a safe way of accessing those funds and eliminates the need for your customers to prove that they are good for the funds as they would with a paper check. Check guarantee and authorization programs are available and can be programmed right into the terminal at no additional cost. These programs are recommended only if there is an existing check problem, or you have previously established a policy of NO CHECKS ACCEPTED. We can remedy any check problem. ATM and Check Guarantee can easily be added to an existing system or added to yours at a later date. Why should I not just go to my local bank?
If your local bank will work with you, consider this option. Unfortunately, when it comes to new or startup businesses, smaller businesses, especially home based businesses that do mail-order, telephone order, or Internet sales, the banking industry, as a whole, does not want this type of customer. Fortunately, we really do want your business. We are one of the fastest growing bankcard processors in the country, and we want to continue to grow, one merchant at a time.
How are my fee's taken out?
We deposit into your account the net proceeds of the sale. We resolve your account once per month through your checking account. If your sale is for $475, we deposit the full $475 into your account less your discount and transaction fee within 2 days. High risk clients may have fee's taken out per transaction and wait 5 days for deposits during the first 6 months of processing after which time the deposits are changed to 2 days and deposits are net proceeds.
What are discount points?
Every bank charges discount points to merchants that accept credit cards. Discount points (also called the discount rate) are the percentage of each transaction that the processing company charges to handle the transaction for your business. The rate is the percent of discount the merchant accepts to be debited from the total sale.
Our discount points are exceptionally low, starting at just 2.25%. What the banks classify as "high-risk" businesses pay a slightly higher rate.
If you were to get a discount rate of 2.43%, this would mean that it would cost you $243 for every $10,000 of credit card sales you make.
What is the application fee?
The application fee is free.
Are there any hidden fees?
No. We do not do business that way. There are no surprises or secret fees. You pay your initial up front costs, and for the processing option you select. That is it.
Is the discount rate for retail card sales the same for telephone sales?
No. Retail credit card sales require a signature at the time of sale. The product or service is usually received by the customer at the time of sale. This is the type of business where you can get the best (lowest) discount from a bank. When you see low rates offered, it is for this type of sale.
Telephone or mail orders are charged a higher discount rate because of the increased risk that the customer will not receive the product or the possibility of a fraudulent sale. You should be sure the company you choose to represent your merchant account understands the Internet, or mail order/telephone order merchant. Additionally, they should have solid experience in setting up this very specialized type of merchant. Credit Plus has both the experience and the knowledge that far surpasses our competitors.
What is the percentage rate you charge on each transaction?
Expect the rate to be 2.25%. Special risk merchants -- such as adult websites -- pay higher rates.
Do I need a secure server on my domain to process credit cards?
No. A secure server is not required although you can expect many of your customers will refuse to order from you without some sense that their private information is being encrypted in some form. To get a free secure server from a domain host you might click here.
Is there a transaction fee?
Yes. All banks charge a transaction fee. The transaction fee is 28 cents on nonswiped business.
Are your prices competitive?
Yes! But you would expect us to say that. Remember that we really want your business. We will work hard to get you approved. If you are currently processing, we can often reduce your rates, offering you substantial savings.
Accordingly, we can get you the best deal available. If you like, fax us a competitors combined product and service quote and we will do our best to beat their quote! If they are legit and can do it, we can too.
What about other "lower rates" I see on the Internet?
Beware! One of the most recent ploys we have seen is a practice where you are promised a low discount rate, and then, after you are signed up, your rate is drastically increased. For example, you are promised a low 1.5% discount rate for mail order, but in thirty days, it is increased to over 4.5%. Another "trick" is to promise you a low rate, then after a month or so, demand that you make a deposit equal to one month's total processing. We get calls every week from other merchants where this has happened to them, and they seek our service. We do not and will not play this game with you. And you have more than our word on it -- we will provide you with a three year contract -- which guarantees your rate for that period of time! The only time your rate will be increased during the contract period is if the Visa and/or MasterCard associations raise their transaction rates, and then your rate will be increased only by that increase.
What kind of businesses will you accept?
We accept most legitimate businesses. We will accept mail order, telephone order, Internet-based, or home based businesses. We accept mobile businesses, hobby businesses, and adult entertainment. There are some businesses that we cannot place. See our non-acceptable business section.
Why am I asked my average sale?
Banks have implemented procedures to evaluate a merchant's processing. If the sale is over the stated average ticket size, for security reasons, a call might be made to the merchant or credit card customer to verify the legitimacy of the sale.
How will I get my money?
Your money will be deposited directly into your current business bank account. Unlike other processors, we will not force you to use a special bank account.
When will my money be available?
The money from your credit card sales will be deposited and available in two business days.High risk clients initially have a 5 day period, then changing to 2 days after 6 months. Beware: we have heard of some companies that take 30-60 days for your sales to appear in your account.
Is there a merchant service telephone number that I can call if I need help?
You are given an (800) number to handle any problems or questions. We offer 24 hour, seven-day-a-week toll free assistance, should you ever need it. Our Customer service department is exceptional.
What cards may I accept?
When your terminal or processing software is installed, it will provide basic MasterCard and Visa transactions. All other major credit cards, including American Express, Diners Club, JCB and Discover can be added to the system free of charge. We will also assist you in seeking approval to accept American Express and Discover cards.
Who will help me once my merchant account is activated?
We are here after the sale. Globalnet merchant services is a full service company. We are willing to service your needs after the sale. This is just good business. We want you to feel comfortable recommending us to your fellow business associates. And we know the only way we will get this type of referral is to earn it.
If I have a bad credit rating, is that a problem?
We do issue merchant accounts to merchants with credit problems in the past. You may need to agree to a reserve account.
You must, however, be operating a legitimate business. If you are, we can most likely get you approved.
How long does the approval process take?
Once the paper work is completed and submitted, it usually takes about a week. Within 7 to 10 days, your equipment will be delivered and you can begin accepting credit cards.
Is the application/set up fee refundable if I am declined?
Yes, all funds collected from you will be refunded 100% if you are declined for any reason.
Are there any monthly minimums?
Yes, the monthly minimum discount is $25.
Will I receive a statement?
Yes. The bank will mail a monthly statement with information on all deposits to your account, your total sales volume, and the charges for the month.
Is there a monthly statement fee?
Yes, it is $10.00.
How do I apply?
Just complete the pre-application form from this web site, and send it to us by email, fax, mail, or even over the telephone. Someone will contact you shortly after you apply in order to obtain some additional information from you, and to make specific recommendations for your business.
A new account is usually approved and open in an average of 7 to 10 days after you apply.
E-mail us at info@creditplus.net
or
Click here to go to our Application Information Form.
As soon as we hear from you, we can start the application approval process
Please click here to return to our home page.
