Merchant Account
FAQs
Click here
For Canadian Merchant Account Information |
What
is a Merchant Account?
A merchant account is a bank account that enables your business to
accept payment by credit card on-line. Credit card transactions can
only be processed through a merchant account. You must have a merchant
account in order to be able to accept credit cards. |
What
type of equipment do I need to process credit card transactions?
All you need is a personal computer and an internet connection. |
Are
there any programs that I will need?
No. There is no necessary downloading or installation on your
end. Everything is set up for you upon approval of your merchant account. |
What are NSF Fees?
If the bank processor and/or goEmerchant.com are unable to collect
their fees because of insufficient funds, a $25.00 charge will be
assessed for each unsuccessful attempt the next time your account
is charged. This charge is called an NSF fee. |
When
will the Annual Fee be charged?
A fee of $29.95 will be charged to your Business Checking Account
on the 20th of the third month from your live date, and then every
year thereafter. For example: if your store is made live on February
28th, you will be charged on May 20th each year. |
What
is a Batch Header Fee?
You will be accessed a fee of $0.25 (25 cents) by your bank processor
each time you batch your transactions. If you batch only once a day,
you will be charged only $0.25 a day. If you AUTO BATCH you will be
charged for EACH transaction. (Note: the bank processor charges a
penalty for not batching within 24 hours.) |
When
do I receive my funds?
If you are accepted as a merchant with no restrictions (Most are accepted),
then your funds will be directly deposited into your account in two
to three business days after you batch the order. Batching is a simple
process that just requires you to review (the order) and then click
to submit! |
How
long does it take to get an approval?
Once we have received your completed application, it takes 2-3 business
days for an approval. The complete e-commerce setup takes 5-6 business
days. |
Are
there any other fees?
Over Limit Fee - If your monthly transaction amount goes over the
approved Monthly Volume amount, you will be assessed a fee of $25.00
plus 1% of the overage for Cornerstone or 5% of the overage for iPayment,
Inc. |
What
is the Monthly Statement Fee?
Your Bank Processor will charge a fee each month. |
What
is a Chargeback?
A Chargeback of $25.00 is charged to a merchant when a consumer claims
their card has been charged and the merchant has not delivered the
product or performed the service. The $25.00 (along with the original
charge to the consumer) is debited back to the merchant.
A chargeback fee is NOT charged when a merchant processes a return
of a charge to a consumer. |
Question:
What is a Retrieval Fee?
A retrieval is a request made by the credit card bank to receive a
copy of the original sales draft involved in a dispute. The fee for
this is $10.00. This is often the first step in the chargeback process
and is separate from the Chargeback Rate. |
Who
is the Bank?
Who am I getting the merchant Account from?
We work with many processors and banks. Some of our primary partners are Nova Information Systems, iPayment, Inc., or Cornerstone Payment Systems. These processors give special program pricing to us and allow us to give you the very "Most" for your money.
|
Do
I need to open a checking account with another bank?
No, all funds are credited and program charges are debited from the checking account that you provide with your application. If you need a "Business checking account". GoEmerchant.com offers a business checking account which is free for the 1st 90 days. |
What
is a Transaction Fee?
There is a $0.32 transaction fee charged to each authorization, whether
settled or not. Note, some banks deduct this fee at time of sale,
while most deduct it as a total of charges at the end of each month.
If you are outside the U.S., High-risk or Fast Track, the transaction
fee will be higher.
Internet accounts have a 2.44% discount rate, and $0.32 transaction
fee for Qualified transactions. |
How does that work?
Visa & MasterCard and the processor take a fee for every transaction.
It works like this. On a $100 sale, the discount rate of 2.44% would
deduct $2.44 from the $100 sale. There is a $0.32 transaction fee
charged to each order. Therefore, on the $100 sale, the processor
would keep $2.76, giving you, the merchant a net of $97.24.
Note, some banks deduct this fee at time of sale, while most deduct
it as a total of charges at the end of each month.
If you are outside the U.S., High-risk or Fast Track, the discount
rate will be higher. |
How
do I protect my site and customers from fraud?
goEmerchant.com utilizes Secure Socket Layers (SSL) to encrypt sensitive
personal information, including credit card numbers, when transmitted
to our servers. |
What do you
mean by Qualified Transactions? Will I be charged more if a transaction
doesn't Qualify?
Certain conditions must be met for an Internet transaction to Qualify
for the 2.44% discount rate. If a transaction doesn't qualify, $.10
extra will be charged for the transaction and the discount rate
will increase.
Here is Visa/MasterCard's rules for Internet transactions:
*QUALIFIED TRANSACTION CONDITIONS FOR INTERNET ACCOUNTS
- One electronic
authorization request is made per transaction and the transaction/purchase
date is the same as the shipping date. The authorization code
must be included in settled transaction (this is done automatically
by the Nova Information Systems terminal application).
- The authorization
request message must include Address Verification Service (AVS).
- The transaction/shipping
date must be within 7 calendar days of the authorization date.
- The authorized
transaction amount must match the settled transaction amount.
- The settled
transaction data must include the merchant's customer service
telephone number, the order or invoice number, and the total authorized
amount.
- Additional
data is required in the settled transaction on all Purchasing
and Commercial cards at non-T&E locations (Purchasing card
- customer code and sales tax; Commercial card - sales tax)
- The transaction
must be electronically deposited no later than 1 day from transaction
date.
** PARTIALLY QUALIFIED (PQ) TRANSACTION CONDITIONS FOR INTERNET
ACCOUNTS
- One or more
of the Qualified conditions were not met. (OR)
- The transaction
was electronically deposited more than 1 day but within 2 days
of the transaction/shipping date.
*** NON-QUALIFIED (NQ) TRANSACTION CONDITIONS FOR INTERNET ACCOUNTS
- One or more
of the Qualified or Partially Qualified conditions were not met.
(OR)
- The transaction
was electronically settled more than 2 days from the authorization
date. (OR)
- Commercial
card, World MasterCard, or Visa Signature card accepted at a T&E
location. (OR)
- No additional
data in the settled transaction on Purchasing and Commercial card
at non-T&E locations. (Purchasing Card - customer code and
sales tax; Commercial Card - sales tax). (OR)
- Visa Infinite
card accepted. (OR)
- Transaction
was not electronically authorized (voice authorization) or the
authorization code was not included in the settled transaction.
- The customer
is using a Corporate or Government-issued credit card.
- The customer
is using a credit card issued by a Foreign Bank
|
|
Do the same
rules apply for Retail Merchant Accounts?
If a Retail transaction doesn't qualify, you will be charged an
extra $.10 and the 1.71% discount rate will also increase.
Here are
Visa/MasterCard's rules for Retail transactions:
*QUALIFIED TRANSACTION CONDITIONS FOR RETAIL MERCHANTS
- The card
is present, the full magnetic stripe is read by the terminal and
a signature is obtained.
- One electronic
authorization request is made per transaction and the transaction/purchase
date is the same as the authorization date.
- The authorization
code must be included in settled transaction (this is done automatically
by the Nova Information Systems terminal application).
- The authorized
transaction amount must match the settled transaction amount.
- The transaction
must be authorized and settled under a retail standard industry
code.
- The transaction
must be electronically deposited no later than 1 day from transaction
date.
** PARTIALLY QUALIFIED (PQ) TRANSACTION CONDITIONS FOR RETAIL MERCHANTS
- One or more
of the Qualified conditions were not met. OR
- The transaction
was electronically deposited more than 1 day but within 2 days
of the transaction date.
*** NON-QUALIFIED (NQ) TRANSACTION CONDITIONS FOR RETAIL MERCHANTS
- One or more
of the Qualified or Partially Qualified conditions were not met.
(OR)
- The transaction
was electronically settled more than 2 days from the authorization
date. (OR)
- Transaction
was not electronically authorized (voice authorization) or the
authorization code was not included in the settled transaction.
- The customer
is using a Corporate or Government-issued credit card.
- The customer
is using a credit card issued by a Foreign Bank.
|
How
do I know the rates for PQ and NQ transactions?
When you submit your online application, you will receive an e-mail
with a link that contains your application information. The fees are
detailed across the top of that document so you will have it for your
records: PQ = +1.14% NQ = + 1.70%. |
