Merchant Account FAQ
Click here For Canadian Merchant Account Information
 
What is a Merchant Account?
A merchant account is a bank account that enables your business to accept payment by credit card on-line. 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.

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 are NSF Fees?
If the bank processor and/or goEmerchant.com are unable to collect their 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 charged to your Business Checking Account on the 20th of the third month from your live date, and then every year thereafter. For example: if your store is made live on February 28th, you will be charged on May 20th each year.

What is a Batch Header Fee?
You will be accessed 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 $0.25 a day. 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?
If you are accepted as a merchant with no restrictions (Most are accepted), then your funds will be directly deposited into your account in two to three business days after you batch the order. Batching is a simple process that just requires you to review (the order) and then click to submit!

How long does it take to get an approval?
Once we have received your completed application, it takes 2-3 business days for an approval. The complete e-commerce setup takes 5-6 business days.

Are there any other fees?
Over Limit Fee - If your monthly transaction amount goes over the approved Monthly Volume amount, you will be assessed a fee of $25.00 plus 1% of the overage for Cornerstone or 5% of the overage for iPayment, Inc.

What is the Monthly Statement Fee?
Your Bank Processor will charge a fee each month.

What is a Chargeback?
A Chargeback of $25.00 is charged to a merchant when a consumer claims their card has been charged and the merchant has not delivered the product or performed the service. The $25.00 (along with the original charge to the consumer) is debited back to the merchant.
A chargeback fee is NOT charged when a merchant processes a return of a charge to a consumer.

Question: What is a Retrieval Fee?
A retrieval is a request made by the credit card bank to receive a copy of the original sales draft involved in a dispute. The fee for this is $10.00. This is often the first step in the chargeback process and is separate from the Chargeback Rate.

Who is the Bank?
Who am I getting the merchant Account from?
We work with many processors and banks. Some of our primary partners are Nova Information Systems, iPayment, Inc., or Cornerstone Payment Systems. These processors give special program pricing to us and allow us to give you the very "Most" for your money.

Do I need to open a checking account with another bank?
No, all funds are credited and program charges are debited from the checking account that you provide with your application. If you need a "Business checking account". GoEmerchant.com offers a business checking account which is free for the 1st 90 days.

What is a Transaction Fee?
There is a $0.30 transaction fee charged to each authorization, whether settled or not. Note, some banks deduct this fee at time of sale, while most deduct it as a total of charges at the end of each month. If you are outside the U.S., High-risk or Fast Track, the transaction fee will be higher.  Internet accounts have a 2.39% discount rate, and $0.30 transaction fee for Qualified transactions.

How does that work?
Visa & MasterCard and the processor take a fee for every transaction. It works like this. On a $100 sale, the discount rate of 2.39% would deduct $2.39 from the $100 sale. There is a $0.30 transaction fee charged to each order. Therefore, on the $100 sale, the processor would keep $2.69 , giving you, the merchant a net of $97.31.  Note, some banks deduct this fee at time of sale, while most deduct it as a total of charges at the end of each month.  If you are outside the U.S., High-risk or Fast Track, the discount rate will be higher.

How do I protect my site and customers from fraud?
goEmerchant.com utilizes Secure Socket Layers (SSL) to encrypt sensitive personal information, including credit card numbers, when transmitted to our servers.

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 2.39% discount rate. If a transaction doesn't qualify, $.10 extra will be charged for the transaction and the discount rate will increase.

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 settled transaction (this is done automatically by the Nova Information Systems terminal application).
  • 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?
If a Retail transaction doesn't qualify, you will be charged an extra $.10 and the 1.75% discount rate will also increase.

Here are Visa/MasterCard's rules for Retail transactions:

*QUALIFIED TRANSACTION CONDITIONS FOR RETAIL MERCHANTS

  • The card is present, the full magnetic stripe is read by the terminal and a signature is obtained.
  • One electronic authorization request is made per transaction and the transaction/purchase date is the same as the authorization date.
  • The authorization code must be included in settled transaction (this is done automatically by the Nova Information Systems terminal application).
  • The authorized transaction amount must match the settled transaction amount.
  • The transaction must be authorized and settled under a retail standard industry code.
  • The transaction must be electronically deposited no later than 1 day from transaction date.

** PARTIALLY QUALIFIED (PQ) TRANSACTION CONDITIONS FOR RETAIL MERCHANTS

  • 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 date.

*** NON-QUALIFIED (NQ) TRANSACTION CONDITIONS FOR RETAIL MERCHANTS

  • 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)
  • 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.
How do I know the rates for PQ and NQ transactions?
When you submit your online application, you will receive an e-mail with a link that contains your application information. The fees are detailed across the top of that document so you will have it for your records: PQ = +1.00% NQ = + 1.50%.

Available to U.S. based businesses only.