Merchant Account Frequently Asked Questions
What is a merchant account?
A merchant account is the ability for a business of any kind to accept credit cards and debit cards for payment. It is sometimes referred to as credit card processing or merchant services. A merchant account is issued by a processing bank who then underwrites the account much like a loan. The purpose of merchant account services is to receive and disburse funds from credit card transactions.
How long does it take to get set up with a credit card merchant account?
Approval only takes a day or two depending on the level of difficulty for that particular merchant account.
What if I am not approved?
Being denied a merchant service is not an option. MSI Boston has a guaranteed approval for merchants not on the terminated merchant file.
How do I get the funds once they are processed?
MSI Boston sets up a DDA (direct deposit account) to you current business checking account. Funds will land in this account that you provide.
Once a transaction is run and approved how long does it take for my business to actually receive those funds?
MSI Boston realizes the importance of having working capital for any business to succeed; our processing systems get those funds to you the quickest in the industry – typically 24 to 48 hours or two baking days.
How long has MSI Boston been in business?
Over 21 years and running!
Is MSI Boston a fair and reputable company?
Yes, most certainly! We are so confident that we will even allow you to choose a few references if you would like.
How much are your set up fees?
Set up fees can vary. Depending on which credit card processing company you choose and type of credit card machine you need, in order to process and accept a credit card transaction.
What will it cost out of my pocket to get set up?
This really depends on if you need a credit card machine, a virtual credit card terminal or credit card processing software. Typically pricing ranges between $179 and $599.
How long does it take to get set up?
Your credit card processing equipment will be shipped to you approximately 4 business days after we receive your paperwork.
What if I claimed bankruptcy?
Bankruptcy is a small problem for us but we can still get it done in most cases. A terminated merchant account in the past and tax liens are worse – but none are the end of the world. We have a 98% approval rate due to the outstanding rapport we have with our banks and processors. In most cases we can get this done. A bankruptcy discharge may be needed.
Can I list another person as part owner or the guarantor?
Yes. This is done in cases where a merchant was previously put on a terminated merchant file.
Does the amount of monthly processing volume affect an approval?
In most situations yes. If a merchant needs a high amount of credit card processing volume a processing bank will request information validating this. Typical documents that are requested are business financials, tax returns, previous processing statements and banking statements. Typically we can have an approval of $50,000 in monthly processing volume relatively easy.
How does the money from each transaction get in my hands?
Some credit card processing services will send you a check. We will use a direct deposit right into your business or personal checking account. This typically takes 48 hours from the time the transaction is fully processed.
Do I need a business checking account?
Most merchant service providers do require a business checking account in order to set up the direct deposit of funds into your account – but not all. We have both.