Meramak Bankcard Merchant Account Services
Merchant Account Overview
Your business can accept credit cards and process credit card transactions by:
1. Telephone touch tone merchant authorizations
2. Using a credit card terminal to swipe the magnetic stripe on credit cards as in retail sales, or for keying in numbers manually when the card is not present as in mail order.
3. Entering the credit card number using an online Virtual Terminal or automatically with real time Internet processing.
4. Using a wireless terminal or handheld device. Wireless processing
For
a basic retail store, you would swipe your customer's card through a
credit card terminal. Then key in the dollar amount of the sale on the
keypad. The terminal will dial out to our processing network (toll free),
and within seconds you will receive an authorization and reference number
confirmation. Your funds will be deposited into your business checking
account in 48 hours. We have free processing equipment and check readers
for most retail businesses that qualify.
Swiped
Transactions
Swiped transactions are usually retail sales transactions.
The cardholder is almost always present for the sale. Since a credit
card terminal "reads" the magnetic stripe, banks knows the
customer is probably present with the card which greatly reduces the
risk of disputes and possible chargebacks. You will receive the lowest
rate for these "qualified" transactions.
Non-Swiped
Transactions
You can manually key in the credit card number if the card
is not readable or not present, such as a worn magnetic stripe on the
card, off-premise sales keyed in at a later time, pre-authorized transactions,
or mail / phone orders and home businesses. In most all cases, if the
credit card cannot be swiped, it is processed at a higher rate than
swiped transactions.
Address Verification (AVS) is available for telephone / mail order merchants so you can confirm the address you are shipping to is the address where the cardholder receives their statement. You may not want to ship if the address does not match, thereby reducing the risk of chargebacks due to customers claiming they did not receive the merchandise they ordered.
Chargebacks!
A chargeback occurs when a customer disputes a transaction on their
credit card statement. A chargeback usually occurs when:
1. A cardholder said someone had stolen their credit card to make a
purchase from you.
2. The cardholder did not recognize the name of your business on their
credit card statement.
3. The cardholder says they did not receive the product or service from
you.
4. Almost any reason. Consumers have up to one year to dispute any credit
card purchase they have made from you. If they are not happy, they can
chargeback the purchase price to your merchant account. They get their
money back, and perhaps keep your merchandise, and the money is withdrawn
from your bank account by their credit card bank. Chargebacks may occur
no matter what business you have. Credit card transaction processing
for businesses nationwide, Meramak Bankcard in Missouri.
Types of Businesses and Automatic Merchant Approval
If
you want to have a merchant account setup for you, call us or fill out
our
pre-application
and contact form online.
1-888-336-4872.
