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- How do we check on our Bank Account Balances?
- Is there a Transaction limit on our account?
- Can we transact in other currencies besides the US Currency?
- Can you describe the Application Process?
- How are cards charged and how is our site linked with the software?
1) What is a Merchant Account and why do we need one?
A Merchant Account is an account with a financial institution or bank, which enables you to accept credit card payments from your clients. Payments made by credit cards are the most convenient mode of payment especially when overseas transactions are involved. To be able to accept such payments, you must have a merchant account.
2) Why do we need both a Merchant Account and a Bank Account?
This is because both these accounts do different things. You need a Merchant Account to accept credit card payments. Just like you need a Bank Account to accept payments by cheques and to deposit your money. You cannot use your regular personal or business account to accept credit card payments.
When you charge a customer's credit card to your merchant account, your merchant account takes the money from your customer's bank account and deposits it into your own US Bank Account. Your US Bank Account is needed to accept the funds from the merchant account. The merchant account does not hold your money.
Likewise, if there is a chargeback or dispute in the transaction, your merchant account would withdraw the funds from your bank account and return it to your customer's bank account.
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3) I already have a US Bank Account. Must I open another one?
Only if you have a US Bank Account under the same Business Name as your Merchant Account, you need not open a new Bank Account.
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4) How long would the whole setup take?
The whole setup takes about 5 to 6 weeks. The Bank Account setup takes about 3 weeks. The Merchant Account takes about 3 weeks.
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5) What if my application is not approved?
This should not happen as long as you
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have a good credit history from your local bank
are not an undischarged bankrupt
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do not have dealings in any sort of *fraud or illegal business
*The term fraud or illegal business refers to any sort of activity which the merchant processing company, which is in this case is "Card Services International", finds offensive.
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6) Would the transactions be carried out in "Real Time" or must we key in the orders manually?
The transactions can be done in both real time or you can receive the orders through phone and fax and key them in manually.
"Real Time" in this case means that when someone visits your web site and wants to make a purchase with a credit card, the card is authorized, captured and deposited into your bank account automatically.
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7) How do we check on our merchant account transactions?
Merchant Account transactions can be checked online, anytime, just by using your browser and Internet connection. You have to log in to a secure site with a User ID and Password which would be provided. Once done, you would have access to comprehensive reports of all your transactions.
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8) After we have charged a credit card, when and how would we receive the funds?
Your customer's card is charged by entering information like the card number, expiry date and the amount to charge into your merchant account sales section. This can be done automatically or manually.
The Merchant Account takes over by withdrawing the amount charged from your Customer's Bank Account and depositing it into your own US Bank Account. The money is usually deposited into your US Bank Account within 6 days.
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9) How do we withdraw the funds from our Bank Account?
The US Bank that we open your account in, issues an ATM card which can be used to withdraw funds from any ATM machine, in any part of the world, which bears the International PLUS logo. You have a daily withdrawal limit of US$500.
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10) How do we check on our Bank Account Balances?
The US Bank that we open your account in, allows you to check your account transactions, balances and even initiate wire transactions, all online, just by using any Internet Browser.
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11) Is there a Transaction limit on our account?
Due to the nature of the account, the banks have imposed a transaction limit of US$10,000 per month. This limit can be increased after your company has built up a good credit history over a period of time.
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12) Can we transact in other currencies besides the US Currency?
This is an option we are working on and should be available soon. But till then, all transactions have to be in US currency.
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13) Can you describe the Application Process?
The process starts by filling out the application form first.
Next, place an order for the required services online at our E-Commerce Store
Once we receive this application form, we would process it and if everything is in order, we would then send you an application package. This package would contain Application Forms and other information concerning your Merchant Services. Fill out the Application form and send this back. You must fill out all the required information like US Bank Account number and US Business address before sending this back.
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14) How are cards charged and how is our site linked with the software?
Software provided would be an online POS (Point Of Sale) Terminal. Cards can either be charged manually by going to the POS terminal and entering the card information manually or automatically by adding some programming code in your existing order form.
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