|
| |
What is a merchant account? Do I have to have one?
You must have a Merchant Account should you wish to accept debit or credit cards payments from your customers. A Merchant Account allows you to process credit and debit cards form your chip and PIN terminal as your business account cannot offer this facility. A merchant account works as a link between your Chip & PIN payment machine and your business account. When a payment is put through your Chip & PIN terminal, it is processed through the merchant account who take a small fee of the transaction before tranfering your funds to your business account. It normally takes around ten – fifteen working days to set up a merchant account and the associated set-up costs and transactions charges can vary greatly. Some merchant bank providers can charge up to 4.5% on credit card transactions and as much as 50 pence on debit card transactions. Merchant Bank providers can charge anywhere up to £300 just open the account. We can organise the setting up of a merchant account at vastly lower rates should you need one.
TOP
|
Does my Merchant Account have to be with my business account provider?
No. You can mix and match. This means your business account provider can be different from your merchant account provider. Our terminals are approved by all the leading banks and can be configured to all the UK merchant account providers
TOP
|
I don’t have a merchant account where do I go from here?
Our dedicated team of Merchant Account Advisors can help you set up a merchant account with competitive transaction rates. On average it takes around 2 weeks to get a merchant account open. Once your account has been approved we can setup and send out your terminal in one to two working days!
TOP
|
How do I get my money once I’ve taken payment from my customer?
After the payment is approved, your merchant account provider handles the payments and takes a small fee (transaction rates). Your funds are then transfered to your business account where you can access them.
TOP
|
What is required to set up a merchant account?
You will be credit checked so please make sure that you resolve any existing CCJs. You will need to supply documents for proof of address, in some circumstances proof of business and if you’re trading from home you will need to provide a certified copy of membership of a trade association. Documents required depend on which provider we set you up with so you will be informed of this at the point of sign up.
TOP
|
Are there any extra or hidden charges?
NO. All you pay is the fixed monthly fee and a one off set-up fee + vat. However, please be aware that your merchant account provider will charge for the card processing.
TOP
|
How long does the agreement last?
Hire agreements have a minimum term of 36 months. Airtime and maintenance agreements have a minimum term of 12 months.
TOP
|
What happens if the terminal breaks down?
The terminal is covered for its repair or replacement by the manufacturers guarantee for the first year. We also offer full maintenance & support as well as a 24hr swap–out service.
TOP
|
How long does the battery last?
The battery will last for about 8 hours on standby, and should be able to process 400+ transactions before it needs charging. The terminal can be set to “sleep” mode to preserve charge between transactions. Spare batteries and in-car charges are available to help keep your terminal active for longer periods where mains power may not be available.
TOP
|
What do I do if a customer loses their PIN?
If the terminal requests a PIN by the customer and the customer doesn’t remember their PIN you should let the transaction continue by selecting PIN bypass, if permitted, and the terminals will then seek an authorisation. The card company may decline the transaction, in which case you should ask the customer to use an alternative method of payment.
TOP
|
What if a customer doesn’t know their PIN?
If a customer presents a card and says that they don’t know their PIN, advise them to contact their credit or debit card company who will then be able to reissue their PIN. If this happens you will have to ask for another form of payment.
TOP
|
Do I need to check anything else when a card is used and verified with a PIN?
NO, a PIN is all the verification required.
TOP
|
What do I do if a customer’s card becomes locked at the point-of-sale?
You should advise the customer to contact their card company. The customer may need to provide an alternative card or payment for their transaction.
TOP
|
How do I know if a chip and PIN transaction has been successful or declined?
The terminal will provide two codes, one to tell you the terminal has worked correctly, and one to tell you the bank has accepted the payment. Provided these two codes are correct, your money is secure.
TOP
|
What about mail order, telephone orders and internet transactions?
These payment options are available and would work with the Card holder not present option which is installed onto your Terminal. This option is automatically installed onto your terminal but you would need to make sure your Merchant Account Bank allows this type of facility on your account. When it comes to Internet payments your internet site needs to be set up where the customer can leave their bank details so you can process the payment via the card holder not present option. It doesn’t assist you if you require the payment to be taken immediately when card details are issued by the card holder such as the paypal system.
TOP
|
What if the card given by the customer is locked?
Always follow the terminal’s prompts. If a customer presents a card where the PIN is locked, advise them to contact their credit or debit card company who will be able to tell them how to unlock the card. A card not verified by the PIN may be declined by the card company. If this happens then you will have to ask for another form of payment or accept liability for any fraud. If the issuer does approve the transaction, you need to undertake the usual security checks to protect yourselves from any liability for fraud.
TOP
|
What are chip and signature cards?
If a disabled customer presents a chip and signature card you should insert the card as normal. The terminal will then request a signature from the customer. Most disabled cardholders find chip and PIN easy to use, but not all. The banking industry has therefore offered those cardholders who have difficulty using PIN pads a chip and signature card.
TOP
|
What if a customer consumes the goods before payment is received? i.e. Restaurants, Pubs, Petrol stations.
If you are in an industry where customers consume before they pay it is particularly in your interests to check that all your customers know their PIN. Otherwise their card may be declined and you may need to ask them for an alternative form of payment.
TOP
|
Should you require any further information then please call us FREE
|
