Merchant Account Setup Questions

Frequently Asked Questions

Tired of searching online for credit card processing information? Browse this page for answers to all your merchant account questions from how to get a merchant account setup, to what type of equipment you'll need. Or, contact us online, we'll be happy to help.

How long does it take to get an approval?
After filling out our on-line application, and faxing us your supporting paperwork, your application can be approved within 24 hours.

What do I need to get a merchant account setup?
You only need a product or service you wish to sell, and a US checking account. That is all. We can supply you with everything else you need to start your internet business.

What is a Merchant Account?
A merchant account is a bank account that enables your business to accept payment by credit card online. Credit card transactions can only be processed through a merchant account. You must have a merchant account in order to be able to accept credit cards.

Can international companies have a merchant account?
At this time we are only able to set up merchant accounts for businesses that are owned by U.S. citizens or public companies that have a US presence. If you are a Canadian company, we can refer you to a merchant account provider for Canadian companies.

What if I do not have a business checking account?
If you are a sole proprietor of your business, you can use your personal checking account for your merchant account funds. You must have a business checking account unless you are a Sole Proprietor. If you need a business checking account, you can take advantage of www.goEmerchantbank.com 's free checking account offer.

What other cards do you offer?
Your merchant account will automatically be set up to accept Visa and MasterCard. We can also set up American Express and/or Discover for you, but you can add any other credit card you wish to accept once you are set up with the basic merchant account.

Do you have Recurring Billing?
The recurring billing option is available at no additional charge and can be used for items that must be billed on a regular basis. For example, if you would like an item to be billed to a customer's credit card once a month you could use recurring billing to do so.

Will I get approved if I am a new start up company without a credit history in my company?
Yes, the bank will look at your personal credit history, rather than the company's.

What if I do not have good credit?
If you are applying to process under $5000 per month in credit card orders and your average order is under $250, credit should not be an issue. If you expect to sell more than $5000 per month, credit is secondary to the type of product you are selling. As long as you are not currently in a bankruptcy, you can be approved.

What if I do not have a Federal Tax ID#?
If you are a sole proprietor, you may use your social security number in place of a federal tax id number.

top of page

ACCOUNT AND DOMAIN MANAGEMENT:

What type of equipment do I need to process credit card transactions?
All you need is a personal computer and an internet connection.

Are there any programs that I will need?
No. There is no necessary downloading or installation on your end. Everything is set up for you upon approval of your merchant account.

What options are available to non-profit organizations?
We have special pricing specifically for Non-Profit companies. Please contact our Sales department for a quote. 

What is a domain name?
Domain names are used to generate web addresses (also known as URLs). For example, in the URL http://www.goEmerchant.com , the domain name is goEmerchant.com.

Do I need to purchase a domain name?
If you have your own website, you will need a domain name. If you plan to use our Internet Store as your website, you do not have to purchase a domain name, but we suggest that you do. Having your own domain name allows you to personalize the web address of your Internet Store and makes it easier for your customers to find your website.

We suggest that you try to find a short, easy to spell domain name that matches your business name. If your business name has already been taken you can try variations.

What if I already have a domain name?
If you already have a registered domain name, you can use it with your GoEmerchant account.


Where can I register a domain name?
You can register or transfer domain names at our domain registration site: Register your domain name here.


top of page

BILLING AND FEES

What are NSF fees?
If the bank processor and/or GoEmerchant.com are unable to collect fees because of insufficient funds, a $25.00 charge will be assessed for each unsuccessful attempt the next time your account is charged. This charge is called an NSF fee.

When will the annual fee be charged?
A fee of $29.95 will be debited to your checking account on the 20th of the third month from your activation date, and then every year thereafter. For example: if your account is activated on February 28th, you will be charged on May 20th each year.

What is a batch header fee?
A batch header fee is a small fee that the merchant bank charges for submitting a batch of transactions to be settled. You will be charged a fee of $0.25 (25 cents) by your bank processor each time you batch your transactions. If you batch only once a day, you will be charged only once a day. You only need to batch on the days that you receive credit card orders. If you AUTO BATCH you will be charged for EACH transaction. (Note: the bank processor charges a penalty for not batching within 24 hours.)

When do I receive my funds?
Your funds will be deposited into your checking account two to three business days after you batch the transactions. Batching is a simple process that just requires you to review the transaction and then click to submit! 

Is there a setup fee?
Yes. There is a $49.00 one-time non-refundable setup fee.

How much is the monthly statement fee?
Most merchant banks will charge a fee of $15.00 each month for the statement fee.

What is a chargeback?
A chargeback is when a consumer claims their card has been charged and the merchant has not delivered the product or performed the service. Your bank processor will notify you if a chargeback occurs and will ask you to provide information about the order. If you do not respond to the chargeback notice or if your bank processor does not accept your explanation, you will be charged a chargeback fee of in addition to the original charge to the consumer. Chargeback fees are usually around $25 and will be stated in your merchant agreement.

A chargeback fee is NOT charged when a merchant issues a credit to a consumer.

What is a retrieval?
A retrieval is a request made by the bank processor to receive a copy of the original sales draft involved in a dispute. The fee for this is usually around $10.00. This is often the first step in the chargeback process and is separate from the chargeback fee.

What is a transaction fee?
A transaction fee is a small fee charged for each credit card authorization obtained through your merchant account. Some banks will deduct this fee at the time of sale, while most will deduct all transaction fees at the end of each month. 

Internet merchant accounts have a discount rate and a transaction fee for qualified transactions. How does that work?
Visa & MasterCard and the bank processor charge a fee for every transaction. On a $100 sale, with a discount rate of 2.35% and a transaction fee of 30 cents, the bank would deduct $2.35 plus 30 cents from the $100 sale. Therefore, on the $100 sale, the bank processor would keep $2.65 , giving you a net of $97.35.

What do you mean by "qualified" transactions? Will I be charged more if a transaction doesn't qualify?
Certain conditions must be met for an Internet transaction to "qualify" for the discount rate. If a transaction does not qualify, your bank processor may charge a higher discount rate and transaction fee for that particular transaction as stated in your merchant agreement.

top of page

Here is Visa/MasterCard's rules for Internet transactions:

*QUALIFIED TRANSACTION CONDITIONS FOR INTERNET ACCOUNTS
One electronic authorization request is made per transaction and the transaction/purchase date is the same as the shipping date.
The authorization code must be included in the settled transaction (this is done automatically by GoEmerchant's payment processing system).
The authorization request message must include Address Verification Service (AVS).
The transaction/shipping date must be within 7 calendar days of the authorization date.
The authorized transaction amount must match the settled transaction amount.
The settled transaction data must include the merchant's customer service telephone number, the order or invoice number, and the total authorized amount.
Additional data is required in the settled transaction on all Purchasing and Commercial cards at non-T&E locations (Purchasing card - customer code and sales tax; Commercial card - sales tax).
The transaction must be electronically deposited no later than 1 day from transaction date.

** PARTIALLY QUALIFIED (PQ) TRANSACTION CONDITIONS FOR INTERNET ACCOUNTS
One or more of the Qualified conditions were not met. (OR)
The transaction was electronically deposited more than 1 day but within 2 days of the transaction/shipping date.

*** NON-QUALIFIED (NQ) TRANSACTION CONDITIONS FOR INTERNET ACCOUNTS
One or more of the Qualified or Partially Qualified conditions were not met. (OR)
The transaction was electronically settled more than 2 days from the authorization date. (OR) Commercial card, World MasterCard, or Visa Signature card accepted at a T&E location.
(OR)No additional data in the settled transaction on Purchasing and Commercial card at non-T&E locations. (Purchasing Card - customer code and sales tax; Commercial Card - sales tax).
(OR)Visa Infinite card accepted.
(OR)Transaction was not electronically authorized (voice authorization) or the authorization code was not included in the settled transaction.
The customer is using a Corporate or Government-issued credit card.
The customer is using a credit card issued by a Foreign Bank.

Do the same rules apply for retail merchant accounts?
Yes

How do I know the rates for PQ and NQ transactions?
Your rates for partially qualified and non-qualified transactions will be outlined in your merchant agreement.

Account Changes
Any modification of any service provided to you by GoEmerchant, is handled by our Customer Service Department. Whether you need a simple checking account change or the restructuring of your entire business model, our toll free phone number is the only call you need to make. Please remember to keep us updated with your current address, phone number and email address.

top of page