What is a merchant account?
A Merchant Account enables you to process credit cards, debit cards, gift cards and electronic check transactions. These payment methods are convenient for your customers, and they help you get paid faster.
Why do I have to fill out an application, and why do you have to check my credit?
Once you are passed to a payment processor for underwriting consideration, your payment processor will review your credit to determine the risk associated with sponsoring your transactions into the card association networks. Because the customer has a right to dispute any charges to their account, a chargeback may be generated, which would be debited against your business' account. In order to ensure you have the funds to cover any potential chargebacks, your merchant provider will conduct a credit check.
Can internationally based merchants open a merchant account?
No. Merchants physically located outside of the U.S. cannot process transactions with My Business Payments partners. Currently, only merchants with a physical business address in the U.S. may process transactions in U.S. dollars only.
What is the underwriting process to get my merchant account?
While we do not conduct the underwriting directly, we do provide the following guidelines which are industry standards:
You will need a copy of your business license, fictitious business name filing (DBA), seller's permit, articles of incorporation, tax privilege license or vendor's license and whatever is applicable.
Once your completed merchant account application is received, you will need to provide:
- Copy of signor’s driver’s license
- Copy of voided check with business name on check OR copy of letter from merchants business bank on bank letterhead:
a)Account name
b)Account number
c)Routing number
d)Signed by bank staff member
- If currently processing credit cards, merchant may be required to submit 1-3 months processing statements.
- If customer is asking for more than $10,000 in monthly processing volume OR risk is considered high, the merchant may be required to submit the following:
a)Copy of Checking Account Statements
b)Copy of business license OR articles of incorporation
How long does it take to open a merchant account for my business?
The underwriting process can take an average of 3 to 6 weeks before you can begin to accept payments. If you have questions about your underwriting process, please contact your My Business Payments customer account representative at 877-499-7693.
How are my merchant fees determined?
In general, your merchant fees are associated with collecting, assessing, approving, processing, and settling credit card transactions. This fee is often a percentage of the transaction value. Unlike others in the field, My Business Payments is not a gateway provider or intermediary. We do not buy our services from someone else and resell them. In fact, we simply connect you to leading payment processors and they own your merchant relationship. Therefore, they will determine your fees, collection and payment method back to you.