Know everything about how merchant processing works
Did you know that most retail business owners don’t always plan ahead when considering their merchant account setup?
As a rule of thumb, you should start setting up your merchant account a few weeks before you actually plan on using it. This will help in any delays and ultimately allow you to start accepting credit cards on your grand opening day.
What are the three main reasons why accepting credit cards will increase your sales?
Number 1, having a merchant account can increase your sales by as much as 50% because the average credit card user will spend about 3 times more than a customer using just cash. Number 2, when clients pay you with credit cards or debit cards, you will receive your money typically within 24-48 hours. And finally, number 3, credit cards give buyers more freedom to spontaneously make larger purchases.
How will I get my money from my credit card transactions?
Your money will be deposited directly into your current business checking account within 24-48 hours depending on what time you batch out and the risk level of your business.
How can I avoid unnecessary charge backs?
You can avoid chargebacks by having a business checking account. If you have a website, place the ‘DBA’ name on the site which will make it look familiar to a customer when they receive their statement in the mail. Also, place your toll free number on the statement next to your charge; this makes it easy for the customer to call you instead of the bank and you can simply return the goods.
How long does it take to set up a merchant account?
It takes about two to four business days to set up a merchant account after all the appropriate paperwork is given to the MPS Team for processing. Please note that there may be delays if any of the paperwork is not complete or missing signatures or other vital information.
Will I receive a monthly statement?
Absolutely! Your detailed monthly statement will be mailed to you every month with the information containing all your deposits, your total sales volume, and all your charges for the month.
Do I need a bank account to accept credit cards ?
Yes, you need a valid business checking account to accept credit cards.
What is required in order to open up a merchant account?
All merchants must have a valid business checking account.
If you would like to speak to a MPS rep now, please call Toll Free at 1-866-925-1677. Our friendly staff is ready to answer any of your questions day or night.
Merchant Processing Solutions is sub ISO of Direct Connect a registered ISO/MSP of Wells Fargo Bank, N.A., Walnut Creek, CA. All trademarks, service marks and trade names referenced in
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Merchant Processing Solutions 2805 East Oakland Park Blvd. Ste 158 Fort Lauderdale, FL 33306 Phone 954.938.2420 - Fax 954.938.2422 email@example.com - www.processmps.com