Merchant Services General Information
General Information
- What is a Merchant Account?
- Who is the back end service provider?
- How do I know which Merchant Account is right for my business?
- What is a Blended account?
- What rate will I be charged when I accept a credit card using the Full Merchant Account?
- What is the advantage of using a Flat-Fee (Flat Fee) Account
- Why do swiped rates differ from manually entered rates?
- How can I find out what rate I will be charged for American Express transactions?
- With what applications and versions do Merchant Services Accounts work?
- How do I apply for a merchant account?
- How long will it take to get approved?
- Once my application is approved, how long will it take until I can process credit card transactions?
- What credit cards will I be able to accept?
- Can I accept international credit cards?
- What information is required to complete the application?
- Can I use my existing Merchant Account?
- What type of transactions can I record?
- What is the startup cost?
- Is there support?
- Will I need to purchase additional equipment to accept credit cards?
- How does the card swipe work?
- When do the funds show up in my bank account?
- How secure is the transaction?
- Can I accept a debit card from a customer as a payment?
- Can I print a receipt for Credit Card Payments?
- Will I need to purchase additional equipment to accept credit cards?
- How can I obtain credit card decal stickers?
What is a Merchant Account?
A Merchant Account is a type of bank account that allows businesses to accept payments via credit card (or debit cards that can be processed as a credit cards). It serves as an agreement between a retailer, the bank account, and a merchant account provider/processor to process financial transactions. Merchant Services Accounts are used with AccountEdge, Checkout, Enstore and Rerun.
Who is the back end service provider?
Our Merchant Accounts are powered by Forte Payment Systems (formally known as ACH Direct) (in the US) and NXGEN Canada (in Canada), suppliers of merchant transaction processing services and industry leaders in providing high tech processing solutions.
How do I know which Merchant Account is right for my business?
There are two types of accounts: a Full Merchant Account, and a Flat-Fee (Flat Fee) Merchant Account. There are three types of Full Merchant Account: Swiped, Key-entered (MOTO - Mail-order, Telephone-order/Card Not Present) and Blended.
If you are using ONLY AccountEdge or Checkout and considering a Full Merchant Account, you will ONLY use the key-entered OR swiped account.
With the Full Merchant Account, you must figure out, what percentage of your dollar volume is swipe vs. what percentage is key-entered. When you swipe more than 80% of your credit card transactions, chances are a Card-Present Account will be best for you as you will be eligible for a rate as low as 1.79% (1.90% in Canada) on that majority of transactions. The rest of your transactions that are key-entered will be processed at 1.79% (1.90% in Canada) PLUS whatever surcharge rates you are qualified for (often equals more than 2.29% or 2.50% for Canada). The AVERAGE of all these transactions will hypothetically be lower than 2.29% (2.50% in Canada). If you do not swipe 80% or so of your transactions, then the Card Not Present Account may be best for you because ALL transactions will be processed at as low as 2.29% (2.50% in Canada).
What is a Blended account?
The Blended account is intended for people who will be looking to get a Swiped account for use in AccountEdge or Checkout, but will also be using the Enstore web-store integration, in which all credit cards will be key-entered. The Blended account will provide you with two accounts — one swiped and one key-entered.
If you have decided that a key-entered account is the best for you to use in AccountEdge or Checkout and you are looking to use Enstore, only the one key-entered account should suffice.
What rate will I be charged when I accept a credit card using the Full Merchant Account?
If you use a swipe card reader to enter the credit card number and you've signed up for a swiped account, your rate (swiped rate) will be as low as 1.79% (1.90% in Canada) plus $0.25 per transaction. If you manually enter the credit card number with a key-entered account (key entered), your rate will be as low as 2.29% (2.50% in Canada) plus $0.25 per transaction.
What is the advantage of using a Flat-Fee Account
If your monthly volume is less than $10,000 and each transaction is less than $500, and you will be swiping cards (card-present), you may want to consider a Flat-Fee Account. The flat-fee for all swiped (card present) transactions is 2.65% with no other fees. If you need to key-enter a card (card not present), the fee is 3.5% + $0.15 per transaction.
The Flat-Fee Account is designed to address the needs of merchants with a small or seasonal number of transactions, or who need merchant services for trade shows, but not otherwise. Merchants with Full Merchant Accounts can still process cards using their laptops or AccountEdge Mobile 2.0. (AccountEdge Pro 2013 US is required, however.)
Why do swiped rates differ from manually entered rates?
Swiped rates are lower because there is less risk (you physically have the credit card in hand, and more data can be read from the card) vs. manually entering a card number, which does not prove the card is present.
How can I find out what rate I will be charged for American Express transactions?
Your merchant account application will also allow you to apply for American Express accounts. Although transactions are processed through Forte (NXGEN in Canada), we don't have visibility into or influence over, the specific rate(s) your business will pay.
We do know that both companies will evaluate: type of business, estimated annual volume (and historical volume), and whether you have had a previous AMEX account. Once you are approved, we will better be able to assist you in understanding the rates you will pay for each type of transaction.
If you are currently an AMEX merchant, then Forte can likely integrate your existing American Express account into the merchant account you get approved for.
With what applications and versions do Merchant Services Accounts work?
Out Merchant Services Accounts work with the current versions of AccountEdge, Checkout, Enstore and Rerun.
How do I apply for a merchant account?
All US applications are located on our website: http://www.accountedge.com/creditcards. For an application in Canada, you will be directed to fill out a callback request in which you can request one be sent. Otherwise, you can request a callback from one of our sales representatives, or call either 877.548.8516 or 800.322.6962 to have an application emailed or faxed to you.
How long will it take to get approved?
Approval for a credit card merchant account takes an average of 3-5 business days. This average is dependent upon the amount of information filled out on the application and the documentation provided at the time the application is submitted.
Once my application is approved, how long will it take until I can process credit card transactions?
Once you are approved, you can immediately begin processing credit card transactions. You must enter the merchant account information provided by Forte (NXGEN in Canada) into the application first, however.
What credit cards will I be able to accept?
You'll be able to accept: VISA, MasterCard, and Discover (handled separately for Canada). American Express is optional. For those of you who are new to accepting credit cards, American Express approves customers with their own merchant account. Forte can provide you with information on how to contact AMEX to get set up. Once you have an American Express merchant account, you can contact Forte to merge it into your account with them so you can process American Express credit cards through the software. NXGEN similarly handles the setup and account merge for both American Express and Discover for Canadian customers.
Can I accept international credit cards?
You will be able to accept credit cards whether they're domestic or international. However, all payments will be processed in US dollars only (either Canadian or US dollars only for Canadian merchants).
What information is required to complete the application?
The basics are documents supporting company ownership (DBA Certificate, Corporate Resolution, etc), a voided check, and copies of bank statements over the past two months. Depending on your expected volume, you may also need to provide signed Tax Returns from the past two years as well as your most recent fiscal year end business or personal financials.
Can I use my existing Merchant Account?
You will have to apply for a new merchant account with our provider in order for the service to work within our applications. Forte can likely integrate your existing American Express account (if you have one) into your new Merchant Services account.
What type of transactions can I record?
You can record credit card sales, debits, voids, and refunds. All debit card sales will be processed as credit cards.
What is the startup cost?
There is a $99 Setup / Application Fee for the Full Merchant Account.
There is no Setup Fee for the Flat-Fee Account.
Is there support?
Initial setup through the software can usually be handled by Forte (NXGEN in Canada). Any further issues are handled on a case by case basis. You need AccountEdge Support for help with software features. Tech support options can be found on our website, or you can call customer service at 800.322.6962 for more details on support plans and payment options.
Will I need to purchase additional equipment to accept credit cards?
The only equipment, aside from your computer, our software, and a network connection, is an optional credit card reader, which is required if you intend to process card-present (swiped) transactions.
How does the card swipe work?
The card swipe reader is a USB-based device that plugs into any computer that supports USB. No device drivers are required. Currently, only the card swipe reader we supply will interact properly with AccountEdge and Checkout. A card swipe reader can be purchased during the application process or by calling customer service at 877-788-1202 (Canada - must order through Forte).
The AccountEdge Mobile credit card swiper (credit card reader) sold to customers for use with AccountEdge Mobile / iPhone / iPad is the Magtek iDynamo. It is currently sold to customers directly from Forte.
- The Magtek iDynamo will not work on an iPhone 5.
- The Micro USB connector on the swiper would be used to connect the swiper to another device via USB. The feature is currently untested and unused.
- The price for the swiper is $99. No discounts are available.
When do the funds show up in my bank account?
Funds are transferred into your bank account within 2 business days, beginning the day after the transaction is approved.
How secure is the transaction?
We use industry standard encryption protocol to keep customer card information secure. The processing bank is responsible for fraudulent charges.
Can I accept a debit card from a customer as a payment?
If you enter a card that is both a debit and a credit card when using our Merchant Account Services, you must select Credit Card and the Merchant Account will process the transaction as a credit card transaction. True debit card payments where a PIN number is required canot be processed with our Merchant Account Service.
Can I print a receipt for Credit Card Payments?
There are 2 ways in which you can print a receipt for a credit card transaction in AccountEdge: once a transaction is authorized, you will be prompted to print a receipt or you can print a receipt right through the Sales Command Center.
With Checkout, you can download our Customizable Receipt Template which will allow you to print the receipt onto 3-1/4" receipt printer paper. The software can print a receipt once payment is received or by re-opening an invoice and choosing to print.
Will I need to purchase additional equipment to accept credit cards?
No, the only equipment, aside from your computer, our software, and a web connection, is an optional credit card reader.
How can I obtain credit card decal stickers?
You can order the stickers direct from the card associations. Below are the links where the stickers can be ordered.