Below, you will find the answer to some
frequently asked questions with regard to merchant accounts and accepting
credit cards.1. What is a Merchant Account?
A Merchant Account is
an account with a financial service provider allowing you to accept credit
cards. These merchant accounts can be provided by your local bank, or by
companies available online, like
E-OnlineData for
example, a company belonging to HSBC Bank USA. 2. How long does it take to
setup a Merchant Account?
The setup period for your new merchant
account is usually around a week, but also depends on how fast you can get all
the required documents to your merchant account provider. 3. How fast will I
receive the funds I processed using the Merchant Account?
Your Visa and
MasterCard sales will be settled daily, when you use the merchant account from
our recommended provider:
E-OnlineData. This
daily settlement means that you will receive the funds that were processed
each business day directly into your checking account. 4. What are the fees
associated with a Merchant Account?
When you have your own merchant
account, you will have several fees. First of all, you will have to pay a
monthly fee, which is only $10, when using
E-OnlineData. You
will also have a minimum monthly processing fee, which is $25 at
E-OnlineData. The
processing fee for each transaction is a % of the transaction. If you qualify,
you will be able to accept credit cards for only 2.29%, which means that for a
$100 transaction, you would pay $2.29 in transaction fees. In addition to this
percentage fee, you'll also have to pay a $0.30 fee for each transaction you
make. In the above example, in addition to the $2.29, you would also have to
pay $0.30. Should you also use the payment gateway, for internet transaction,
you will have to pay an additional fee of $15 per month, which gives you the
first 250 transactions for free, and then $0.05 for each additional
transaction. For more details, visit our recommended merchant account provider
E-OnlineData. |
