A Merchant Account is a service that is required for any business to accept credit or debit cards from their customers. With this service, credit card transactions are sent electronically to merchant processing banks for authorization, capture, and deposit. You'll be able to accept all of the following transactions and review them in one easy monthly statement:
The process from taking the payment from your customers to receiving the deposit in the bank generally works as follows:
Understanding your merchant provider’s rates and fees: All merchant service providers charge fees for merchant services. Typically, these fees are broken down into 3 major categories: a discount rate, a transaction fee, and monthly fees. A transaction is usually defined as any communication between you and the processing network. A "credit" transaction is treated the same as a regular transaction.
- Discount Rate: This is a percentage of the total transaction amount that will be deducted prior to transferring funds to the merchant's bank account. Discount rates will vary by the merchant's payment processor. If the merchant is set up on “tiered pricing” they will be charged a higher discount rate for these mid or non-qualified transactions. If the merchant is set up on “interchange pricing” they will be charged the same discount rate on all transactions and a separate “interchange fee” will also be charged to include all the surcharges for the downgrade transactions.
- Transaction Fees: This is a flat amount that merchants pay for each transaction regardless of how much the transaction was for. Typical transaction fees range from 0 cents to 30 cents per transaction. In some cases, a “batch settlement” is treated as a transaction and will be charged a transaction fee.
- Monthly Fees: These are fees charged for other account related services, such as customer service, tech support, online reporting, monthly statement, minimum monthly fees etc.
It is easy to get set up for a merchant account with us.
- Just click on the link below to apply online and answer a few questions.
- Attach a voided or cancelled check pre-printed with your business name (in place of a temporary check, a bank signed letter with full account, routing number and business name will need to be provided) and Business license, phone or utility bill or previous processing statement.
- Print and sign the pdf application and email/fax it to 310-321-5410 or sign and submit electronically.
- You will receive a response from us within 1 business day.