Merchant Account FAQ

1. Why am I charged a monthly PCI Fee?

SignaPay manages the PCI Compliance for our partners and their merchants by providing the mechanism by which the merchants can obtain compliance.
Complying with PCI requires reporting to Visa, MasterCard and Discover. We are expanding the PCI services provided to our merchants to include breach insurance of $100K that will be part of the program fee. 

2. Who is TSYS?

TSYS is a strategic partner of SignaPay. TSYS is a global, publically traded company (TSS symbol) with business in 80 countries. They provide electronic payment services to financial institutions and companies around the globe with a broad range of issuing and acquiring payment technologies, including consumer, credit, debit, healthcare, loyalty, prepaid, chip and mobile payments.

3. What is American Express OptBlue?

OptBlue simplifies the merchant card acceptance experience by providing an all-in-one solution. Smaller merchants benefit from the ease and convenience of having a single source for all of their servicing, processing and contact needs for all major card brands. Merchants can now receive a single statement with all of their sales activity regardless of card brand. This provides faster payments for American Express sales.

4. How long does it take to get a merchant account set up?

A merchant account can be opened in as few as 24 hours based on the complexity or size of the business. It depends on the following areas:

  1. Kind of corporation – Retail industries are much faster to get started than online companies.
  2. Trade of the company – The more risk related to the company’s trade the more documentation is required.
  3. Size of the Account/Transactions – Larger transactions will require more research based on the line of credit at risk.
  4. Commercial financials – If the corporation has keen financials, it expedites account opening and approval

5. Are there different types of Merchant Accounts?

Yes, there are different types of merchant accounts including but not limited to:

  1. Retail merchant account –When a company has a physical site where the purchaser visits to buy items and amenities.
  2. Mail order/telephone order (MOTO) merchant account –Companies that run most of the payment using the phone or mail when a card is not present.
  3. E-Commerce merchant account – Online based businesses where transactions are done over the internet.
  4. Point of sale (POS) merchant account – A store-front that uses a POS hardware solution to handle transactions and inventory at a company site or multiple sites.

6. What it the process for getting a merchant account?

After speaking with one of our representatives and giving some information about your business's volume and how you want to process credit cards, the representative will draft a pricing proposal for you to review. 

If you agree to the pricing our representative will then fill out an application with additional information and send it to you to sign. Send the signed application back with a scan of your Driver's License and a Voided Check and your application is complete.

After going through our Underwriting Department's approval process your merchant account is ready to go. 

7. Do I have to have a swiper for my phone?

Yes, but only if you wish you take transactions via a mobile device. Not all merchant accounts require the use of a mobile swiper. 

8. How do I accept credit cards on my phone?

Simply open a normal merchant account with us and you will have access to our PayHub mobile app. This app, along with a phone swiper, allows you to process credit cards through your smart phone device. 

The PayHub virtual terminal and app will track all transactions and these records can be printed from a laptop or personal computer. A SignaPay|PayHub account through your phone allows you to manage your business without the need of a register or storefront. 

9. What is a Merchant Cash Advance?

If a merchant needs additional cash flow, SignaPay|PayHub will buy credit card receivables at a discount. The merchants will receive cash and the cash advance will be repaid as payments are collected. Income may be less but the cash is quickly available and repayment is automatic. Since the interest has been paid, merchants can use the cash for paying other liabilities or purchasing inexpensive equipment.

Cash Advances are perfect during the holiday rush or around tax season.

 

 

 

 

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