Frequently Asked Questions
What is a Merchant account, or Merchant Service?
First let us define a merchant. A merchant is a business owner who accepts payment for goods or services. A merchant who would like to offer a credit card payment option would need a merchant account. Keep in mind that it is important to choose the right type of account or accounts for your business needs.
How do I get a merchant account and how do I know which account options to choose?
Merchant accounts can be obtained through a bank, credit card company or through a processor like us. We at MSI Merchant Services, Inc. would be more than happy to assist you in the process of choosing the right account to suit your business type.
What is the set-up time to get a merchant account?
Approval takes 24-48 hours depending on business type and the difficulty of that specific account.
What if I am denied a merchant account?
If you are not on the TMF (Terminated Merchant File), MSP has guaranteed approval. Being denied is not an option.
Once a card it processed, how are funds received?
Merchant Processing Services deposits funds to your current business checking account. MSP will ask for a voided check, to ensure that funds end up in the right place.
How long does it take for my business to receive funds after processing a card?
Our company gets your funds to you in the quickest possible time- usually one to two business days, or 24 to 48 hours. We understand that any business needs working capital to succeed.
Is Merchant Processing Services a reputable and fair credit card processor?
Absolutely. We are so sure of it that we will even give you a few references if you’d like.
How much money is this going to cost me to get set up?
We offer accounts with no set-up fees.
How much is the equipment, software, or gateway?
The cost will vary depending on your needs. Typical prices range from $0 to $599.
How much time will it take to get me up and running?
After we receive your paperwork, you will have your equipment in hand within 4 business days..
Will bankruptcy affect my chances of approval?
Our 98% approval rate due to our unmatched rapport with our banks and processors, allow us to get you approved in most cases. A letter of Bankruptcy Discharge may be needed.
Can another person be listed as part owner or the guarantor?
If you are on the TMF (Terminated Merchant File) another person may sign for you. Their name MUST be on the checking account provided for deposits, and they must sign the whole application.
Does monthly processing volume affect an approval?
Yes. Validation may be needed if a merchant needs a large amount of credit card processing volume. Business financials, tax returns, banking statements, or previous processing statements may be requested.
How does the money get to me?
Funds are direct-deposited into your account in no more than 48 hours.
Is a business checking account needed?
Most merchants choose to have funds deposited into their checking accounts. Sole Proprietors can use a personal check if necessary. A savings account can also be used with documentation of routing and account numbers from the bank.
Taken from our sister company - Merchant Service Provider FAQs