4. When I make a credit card sale how do I get the money ?

How this process works, is when you submit a transaction to your processor by using the electronic terminal or through the online processing software, it communicates with the Visa/MasterCard authorization to ensure that the credit card that is being used is valid and that the amount of the transaction is not larger then the credit limit available on the card. The authorization places a hold on the transaction amount on the cardholder's credit limit. This way when the transaction is processed the funds will be available to you when the transaction is completed.

All you need to do to complete the transaction is to close the batch at the end of the day with your terminal. When you close the batch it is essentially going to mean to the merchant account provider that are prepared to deliver the goods and services expected by the cardholder. When you use online software to process transactions you will not need to worry about closing your batch as transactions are processed in real time. Once you have closed your batch the funds are deposited into your bank account usually within 48 - 72 hours.

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?

3. Why are American Express and Discover more expensive when they aren't as widely used like Mastercard and Visa?

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?

5. Virtual terminal? What is that exactly?

6. Does a virtual terminal allow you to process checks?