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Frequently Asked Merchant Account Questions and Answers 7. What can I do to prevent chargebacks and credit card fraud? The best way to avoid chargebacks is to deliver stellar customer service and produce a phenomenal product or service that your customers will be fully satisfied with. Credit card statement – There is the odd time when the customer doesn't remember the merchant that they made the purchase from and they are unsure how to contact the merchant. To help prevent these type of situations resulting in chargebacks there are merchant account providers who are able to list the phone number of the merchant on the statement, which will help verify the purchase. If you want this service available to you then you will need to contact your merchant account service provider. Cash advance – Although it sounds like a stellar idea and a great way to save money, you are not allowed to process your own credit card to give yourself a cash advance. This is also in violation of your agreement with MasterCard and VISA. As well the fees would be much higher since credit card companies charge more interest on cash advances. The bottom line: Don't process your own credit card or you may have the privilege of processing credit cards revoked. Do not Factor credit cards - This is another huge mistake a merchant can make and is illegal. You can expect to incur massive fines and penalties if this should occur. Also if a cardholder does not recognize the merchant who charged their credit card they will dispute the charge because obviously they didn't buy anything from the merchant. Merchants who factor their transactions will lose their ability to operate a merchant account. Setting a minimum for accepting credit cards could result in the termination of being able to process credit card transactions. Credit card companies make a profit from the result of transactions occurring at any level. So make sure you don't have a minimum amount for customers when they are making a purchase. General Information 1. What exactly is a Merchant Account and do I really need to have one? 2. What other options are available ? 3. Is it necessary to accept credit cards ? 4. When I make a credit card sale how do I get the money ? 5. Can I apply for a merchant account at a bank ? 6. When looking for a merchant account provider how do I find the right one? 7. What information do I need to provide to set up a merchant account? 8. What is a high risk processor what makes them risky? 9. I plan to open an online store what must I know about processing credit cards online? 10. If someone wants to make a check payment on my site can I process it? 11. How do I implement the payment process on my website?
Fees/Expenses 1. What other fees are involved not listed on the site? 2. Are there any other fees you aren't mentioning on the site? 4. What kind of fee does American Express and Discover charge? 5. What is the best price to pay for a digital terminal or software? 6. I don't have very much start up cashflow but would like to start right away what should I do first? 7. What can I do to prevent chargebacks and credit card fraud?
Risks and Safety 1. Is it risky to accept checks as I know some people refuse to pay with a credit card. 2. If I decide to accept checks what other pertinent information should I know first? 3. Is it possible to accept check payments on my website? 4. How safe is it to accept credit card payments over the internet? Is it really secure? 5. How can i reduce the risk of accepting bad or fraudulent credit cards? More Information 1. If I already have a terminal is it possible I can have it programmed with my new merchant account provider? 2. Am I able to process Foreign, Government or Corporate credit cards? 3. If I have a retail business is it a good idea to accept debit or check cashing cards? 4. What is real time processing and electronic terminals? How about software?
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