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Merchant Guy

Credit Card and Digital Payment Specialists

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Merchant Account – Credit Card Processing

Get a merchant account with MerchantGuy and accept credit cards anywhere.

Whether you accept credit and debit cards online, in-store, or through a mobile device, you need a merchant account to process payments. A merchant account is a type of bank account that receives and authorizes your customer’s card information and purchase amount. Once authorized, these funds are transferred into your regular checking account.

We have established relationships with many banks and processors both domestically and internationally that provide merchant accounts in order to get you the best rates for your credit card transactions. We’ve streamlined the application and underwriting process so your merchant account should be active within five business days of your applying.

Rates

For most businesses we are able to get processing fees around 2% for in-person and online accounts. Most other processors are closer to 3% which means we put a full 1% of your business back into your pocket.

Merchant Account Requirements

Statements

Regulations require that banks provide you with a hard copy of the monthly statement for your merchant account. Banks charge $10 a month for this statement.

PCI Certification

Industry regulations require that merchants follow standard security procedures in accepting credit cards. You must fill out an annual survey and pay an annual fee to receive your PCI Compliance Certificate. More information here.

Additional Merchant Account Features

Quick Deposits

The money from your transactions will be deposited in your account within 48 hours 99.8% of the time, and your Friday and Saturday deposits will be in your account on Monday.

Quick Service Response to Eliminate Signatures for Small Transactions

This feature is perfect for fast-paced retail stores who process lots of small transactions. For quick checkouts, enable this option on your merchant account and eliminate the need for signatures on transactions under $25. Swipe their card and hand them their receipt. It couldn’t be easier!

Electronic Benefits Transfer to Accept Government Benefit Payments

Electronic Benefit Transfer (EBT) is an electronic system in the United States that allows government’s states benefits departments to issue money, accessible via a plastic debit card. This service is often used by grocery stores and restaurants.

Common benefits (in the United States) provided via EBT are typically of two general categories: Food and cash benefits. Food benefits are federally authorized benefits that can be used only to purchase food and non-alcoholic beverages. Food benefits are distributed through the Supplemental Nutrition Assistance Program (SNAP), formerly the Food Stamp Program. Cash benefits include state general assistance, Temporary Assistance for Needy Families (TANF) benefits and refugee benefits.

Through EBT, a recipient uses his/her EBT card to make purchases at participating retailers. Food-stamp benefits can only be used to purchase food items authorized by the USDA’s SNAP program. Cash benefits may be used to purchase any item at a participating retailer, as well as to obtain cash-back or make a cash withdrawal from a participating ATM. State agencies work with contractors to procure their own EBT systems for delivery of SNAP and other state-administered benefit programs. In the United States, all SNAP benefits are now being issued via EBT.

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