You don’t need anything special to accept credit cards at your business except for having a merchant account. Electronic Payment Systems approves over 98% of applications for U.S. businesses to accept credit card processing. There are only a few types of businesses which are considered too high-risk for us to approve, otherwise we approve retailers, restaurants, service businesses, medical/dental practices, veterinarians, funeral homes, hospitality, automotive, professional services, mail order, telephone order, Internet e-Commerce, home-based businesses and many others.
A merchant account is simply a bank account that is setup for a merchant. The big difference between a merchant account and a regular bank account is that a merchant account provides support for one or more processors to deposit funds from credit card transactions made through them. A merchant account allows businesses to accept electronic payments such as debit and credit cards. A merchant account is set-up with a financial institution. Unlike other services, money collected through your merchant account is deposited into your checking account within 2-3 business days. Every business who wants to accept electronic payment transactions must have a merchant account in their company name.
It typically takes less than 2 business days to get approved for your merchant account. Timing will depend on how quickly you follow up with answering any questions from the Underwriting Department and faxing the required paperwork.
We process basically all major credit cards allowed including Visa, MasterCard, American Express, Discover, Carte Blanche, Diners Club, and JCB credit cards in addition to accepting debit/ATM bank cards.
Electronic Payment Systems also offers our patented EPS90 No Credit Check EZ Payment Plan which enables merchants to offer their customers the products or services they want today with the option to pay off up to $5000 over 90 days. This is one of the most revolutionary new alternative payment products in the industry, greatly increasing the businesses customers and profits. A business owner can also establish a gift card program to increase repeat business and build customer loyalty as well.
Today’s technological driven environment is becoming more and more a cashless society every day. There are many benefits to accepting credit card processing payments for all business types, such as:
Increases sales: In general, customers can and will spend more with a credit card than they do when paying with cash or checks.
Increases credibility: Consumers recognize businesses that accept credit cards payments as being legitimate, which the credit card associations have “endorsed” by allowing them to participate in the credit card payment system. It also gives merchants the benefit of not having as much cash on hand in case of vandalism.
Provides enhanced customer service: Accepting credit /debit cards is quick and easy, oftentimes even more efficient than other types of payment acceptance.
Credit card processing rates are low enough that it makes financial sense for even the smallest business to accept electronic payments.
EPS offers a FREE Statement Analysis(insert hyperlink) with no obligation for any business who wants to learn what the true cost of their processing is, just call 800-863-5995 to see what you are really paying and how much you could be saving with us.
A Payment Gateway allows you to securely process electronic payment transactions online. It is a third-party service that transmits e-Commerce transactions to the payment processor for authorization. The Payment Gateway allows you to offer your customers a safe and secure way of buying from your business either online or over the phone. We have partnered with Authorize.Net as our preferred payment gateway.
Certain conditions must be met for a transaction to “Qualify” for the discount rate. If a transaction doesn’t “Qualify”, it becomes a Mid-Qualified or Non-Qualified transaction and the discount rate will increase (check your Schedule of Fees for more details).
Qualified Transactions are swiped transactions. To qualify for the qualified discount rate the credit card must be present and swiped at the time of the sale. Qualified Cards are typically standard, VISA/MASTERCARD/DISCOVER Credit and Debit Cards.
Mid-Qualified are transactions which are key-entered. Mid-Qualified transactions are typically processed using the payment gateway or mobile device.
Non-Qualified transactions process at the higher discount rate. Typically these are Corporate, Foreign, Government, or High-End Rewards Cards.
The monthly minimum is the minimum amount you will be charged in relation to the Discount Fees for your monthly Visa/MasterCard sales. You will pay either the Monthly Minimum of $25.00 or your Discount Fees, whichever is greater.
For example: If one month you process $1000.00 in Visa/MC sales at a 2.19% your discount fees would be $21.90. Since this amount does not meet the $25.00 monthly minimum of a merchant account, you would be charged an additional $3.10 to meet it ($21.90 + $3.10 = $25.00). However, if in one month you process $1500.00 in Visa/MC sales, you have met the monthly minimum of $25 as your discount fees are then $32.85 ($1500.00 x 2.19% = $32.85).
Interchange is the fee that a merchant’s bank (the “acquiring bank”) pays a customer’s bank (the “issuing bank”) when a merchant accepts electronic payments for purchases using the major card networks such as Visa and MasterCard. In a credit card transaction, the acquiring bank pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller fee which is often referred to as a discount rate or fee.
It’s important to understand the various fees associated with merchant services as they can vary greatly across different providers. Typical fees include: transaction fees, statement fees, discount rates, and termination fees among other miscellaneous fees. Refer to “Understand Credit Card Processing Fees” for a detailed explanation of the various fees. Lastly, don’t be fooled into making a decision based on receiving a “Free” terminal, as it will likely cost you much more in excessive fees over the long run.
It typically takes 48 to 72 hours for the funds from your transactions to be deposited directly into your checking account.
Customers have the right to dispute a charge to their credit card, typically when goods or services are not delivered within the specified time frame, goods received are damaged, or the purchase was not authorized by the credit card holder. A Chargeback is the return of funds to the customer, initiated by the Issuing Bank. The merchant will be granted a timeframe to reply to the chargeback request, submit proof of the sale or the receipt of goods/services sold, and receive credit for the original sales amount.
Depending upon the method in which a merchant accepts credit cards there are various steps a merchant can take to prevent their exposure to fraud and risk, thereby preventing a potential chargeback. It is also crucial when accepting credit card payments that the proper documentation is gathered; in the event a chargeback is initiated having the proper documentation can assist the merchant in winning the dispute.
1. Card Present:
Obtain a full magnetic strip read whenever possible; if the magnetic strip is damaged, obtain a fully legible manual imprint
Check that the signature on the receipt matches that on the back of the card
All sales policies should be conspicuously posted at the cash register
2. Card Not Present (E-commerce or MO/TO)
Utilize the Address Verification Service (AVS) and only allow transactions that have a perfect match to be completed
Ship only to the billing address of the card
Ship with a signature required on delivery
The Payment Card Industry Data-Security Standards (PCI DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment. The PCI DSS is administered and managed by the PCI SSC, an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover and JCB.) To read more visit https://www.pcisecuritystandards.org
Also, see additional FAQs about PCI here.
AVS (Address Verification System) is a system that attempts to match the billing address that a customer enters in the Billing Address fields during checkout. When the credit card entered is authorized, AVS checks to see if the cardholder’s address entered during checkout matches the address information on file with the issuing bank. This system will reduce the merchant’s exposure to fraud especially in a card not present environment.
A CVV2 is a three or four-digit number printed on credit cards to help card-not-present merchants verify that the customer has a legitimate card in hand at the time of the order. The term “CVV2″ literally means card verification value two. This is a code that is placed on the credit card for security purposes. The merchant asks the customer for the CVV2 and then sends it to the card Issuer as part of the authorization request. The card Issuer checks the CVV2 code to determine its validity then sends the CVV2 result back to the merchant with the authorization.
Please call EPS Customer Service at 888-859-9219 to request an account update form. The completed form may then be faxed to EPS Customer Service at 303-222-1957.
Merchant statements can then be viewed online by logging in to your merchant login located on the top right corner of this site. For security purposes you will be asked for your 16 digit Merchant Account Number (MID). Please follow the steps to ensure secure logins and also make sure to keep record of your new case sensitive password. Please contact EPS Customer Service at 888-859-9219 with any questions.