What is merchant account processing? A merchant account is a service provided by a bank to a merchant that includes authorization of electronic credits and debits, settlement of processed funds, depositing of funds to checking accounts, merchant billing and account activity reporting.
How will I get paid for my electronic transactions? Funds are automatically transferred to your business checking account via an electronic Automated Clearing House (ACH) transfer within 48 hours after a transaction has been "captured" and settled for payment. For example, credit card transactions processed on a Monday will be funded the following Wednesday.
Will I receive statements? Yes. You will receive monthly statements in the mail to review your daily sales, financial history, and other pertinent account information. We also provide online statements with real time account reporting.
What credit card types may I accept? You will automatically be set up for VISAÃÂ® and MasterCardÃÂ® transactions. You will have the option to also accept American ExpressÃÂ®, DiscoverÃÂ®, JCBÃÂ® and Diner's ClubÃÂ® by just clicking on those card types in the merchant application.
I already have a retail merchant account. Why do I need another one? Visa / MasterCard Card Associations have different criteria for evaluating the potential risk involved in credit card transactions where the card is not physically presented to the merchant. This type of business is typically referred to as "card not present" or "MO/TO" (mail order/telephone order) or simply Ã¢InternetÃ¢. For these types of transactions, a separate merchant account is needed.
Am I required to have a physical storefront to process credit cards with YesPCI? Most of our e-commerce applicants have a physical storefront; however, this is not a requirement.
Merchant Account Set up How do I get a merchant account? The YesPCI online merchant account application can be accessed from the on-line application section within our web site.
Is there a fee for processing my application? There are no application or setup fees to obtain your merchant account. We also include a PCI compliant gateway account at no additional cost.
Is there a contract to sign? Applying for a merchant account is similar to opening a line of credit or obtaining a credit card. Your application will contain the contract with full disclosure of all terms and fees.
What information will I need to complete the merchant application? To complete the merchant application, you will need to have the following items:
Ã¢Â¢ Initialed and signed merchant application
Ã¢Â¢ Certificate of incorporation, business license or DBA filing paperwork
Ã¢Â¢ Valid copy of signerÃ¢s drivers license
Ã¢Â¢ Voided business check where you want deposits to go to
Ã¢Â¢ Additional documents may be necessary based on business type or size
What are the Terms and Conditions? The Terms and Conditions document reviews the regulations set forth by the Visa / MasterCard associations, discusses the banking relationship between the merchant and your acquiring bank, and defines your rights as the merchant and the rights of the acquiring bank as your credit card processor. It is very important to review and understand these regulations. You will receive another copy of the Terms and Conditions once your application is approved.
How long does the merchant application approval process take? Once your complete application package is received, your application will be submitted to underwriting. Underwriting and account setup generally take less than five business days.
What happens after my merchant application is approved? You will receive e-mail from YesPCI confirming your approval. No additional set up is required on your part. You will also receive a hard copy Welcome Packet by mail that contains additional information.
How quickly can I begin processing credit cards once my merchant application is approved? After you have received an e-mail of approval from YesPCI. YesPCI has set up your merchant information on their system, (and sent confirmation to you), you will be able to accept credit cards immediately via your Store or web site depend on your web site configuration.
Will I need to purchase additional equipment? No additional equipment is needed. Your PCI Compliant internet gateway account is setup at no additional cost.