FAQ Frequently Asked Questions
Q: What are the different rate tiers and card types?
A: There are 3 tiers: Qualified, Mid-Qualified and Non-Qualified.
A Qualified credit card transaction is your lowest rate, also known as your Discount Rate. This tier usually includes credit cards issued by a U.S. Bank to individuals and that DO NOT have a rewards program of any kind associated with the card, and the card has been swiped through your store terminal; the card is physically present.
Mid-Qualifed tier cards are also physically present and swiped though your terminal. These cards DO have a rewards program of some sort for the cardholder (airline miles, cash back, etc.) and those goodies are costed to you, the merchant. Mid-Qualified also includes most business credit cards.
Non-Qualified tier transactions are usually when the card is NOT physically present, such as for mail, telephone and internet orders. These type of transactions carry the highest fraud risk and therefore carry a higher fee to you, the merchant. These transactions include manually keying in a customer's credit card number into your terminal.
Be aware that some merchant service providers may choose to classify business/corporate cards into the Non-Qualified tier. If you are using such a provider, and you accept a lot of business cards, you may wish to switch to a provider that does not bump this type of credit card up to Non-Qualified rate.
Q: I do a lot of phone orders for my pizzeria. How can I get a lower rate?
A: There are two options: one would be for you to equip your delivery drivers with a handheld mobile terminal, much like a cell phone. The driver will swipe the customer's credit card and you will be charged at Qualified or Mid-Qualified rate instead of Non-Qualifed rate for that transaction. These terminals can quickly pay for themselves. The other option is for you to sign up for a second merchant account called a MOTO account (MOTO-Mail Order Telephone Order). MOTO rates are lower than Non-Qualified rates. The decision to get a MOTO account or to get handheld terminals is largely based on your telephone order sales volume, to determine what would be your return on the equipment investment (ROI).
Q: I run a retail store but also take orders from my website. How can I best set myself up to save money?
A: You may benefit from our Trinity package. This will allow you to use your PC at your sales counter as a virtual credit card terminal, saving the cost of purchasing a stand-alone terminal machine. Trinity also allows you to process credit cards from your online store with our shopping cart software, and, third, even allows you to accept payments on the go with your cell phone!
Q: My merchant account statement is very confusing to me, I really do not know what rates I am being charged.
A: Merchant account statements differ in format and can certainly be confusing. We offer a free statement analysis - we will provide a break-down of exactly what sales you are taking in at the 3 different rate tiers, and also provide you with our proposed rates and monthly fees, side-by-side so you can see your exact savings in black and white.
Q: I have heard that I can borrow money against my future credit card sales.
A: This is true. We work with a finance company that specializes in purchasing a portion of your anticipated future credit card sales and they will pay you now a lump sum of cash to use for business expansion, inventory, opening another location, advertising, etc. You pay the advance back from a portion of your future credit card receipts every month. Advances are available up to $300,000.
Q: Is it worthwhile to take checks from customers anymore?
A: It is certainly wise to accept as many forms of payment from customers as possible. The risk of taking a bad check can be eliminated by utilizing our check guarantee service. Your funds will be deposited into your bank account within 48 hours and if the check bounces you do not have to worry about any chargeback or bank fees, the check guarantee service handles that. The cost is less than that to accept a credit card!