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" Electronic Credit card processing can increase your sales potential by 75 million customers in the U.S. Credit card processing analysts estimate that 3 out of 4 people use a credit card for their online orders. "

--ETA Associates

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"I have a few questions first..."

How long will it take to be 'Live' and able to accept cards?

From the time we receive your signed and completed agreement back at our office we will generally have your merchant account opened within 2-3 business days. After that we will either ship your programmed and tested equipment to you or if you had your own machine will call you to do a telephone installation. After that you will be able to process a credit card sale anytime 24 hours a day.

Why do you need so much information about my business and me to open an account?

Opening a merchant account is very similar to opening a bank account. The processors and FMS do assume some risk when opening any merchant account. A credit check on the business and the principal signer is generally completed as well. Typically FMS is able to get 98% of our applications approved by Concord. The single largest reason for declines is incomplete paperwork. If you currently have an open Bankruptcy or open tax lien you may be declined or have to furnish additional information for a conditional approval.

Why must I pay $45 before I receive my agreement to sign?

When you request to open a merchant account with FMS, we take that very seriously and spend money and time to quickly process your request. We would like to know that you are also serious about opening a merchant account. We keep our costs low by being very efficient, not carrying a large overhead, and not wasting money. If for whatever reason you are declined your $45 will be Promptly refunded to you without any hassle. In fact by paying $45 of the $90 application fee up front FMS will return the favor by paying the other $45 for you once you are approved, therefore saving you $45 more!

How long will it take to receive my money after I accept someone's card?

Your money will be electronically deposited into the bank account you designate on the application within 48 Working hours. American Express generally deposits within 72 Working hours.

What is an Internet Gateway?

An Internet Gateway is a conduit between a shopping cart online and a credit card processor. It is a required element for any kind of E-Commerce. You cannot process internet transactions 'Live' without having all 3 elements (merchant account, gateway, shopping cart). We offer and highly recommend the Authorize.Net Internet gateway, although we do support other gateways as well. Please contact us via E-Mail or by telephone if you have support questions on a specific gateway.

Why do you need my current credit card statement in order to offer me a better rate?

The base discount rate is actually only 1 of many variables which determine your overall 'total' costs per month to process your credit card transactions. There are all kinds of other non and mid- qualified fee's that can change your monthly costs dramatically. In fact there have been times that we have Raised someone's discount rate but lowered other types of fee's and actually saved the merchant more money. When you supply your statement we will determine what that same statement would have cost using FMS's services and break down the savings for you so easily anyone could understand.

How will you I pay FMS/CPS the processing fees when I have a sale?

All of your processing fee's will be deducted the same way we give you your money, electronically, using the ACH network (Automated Clearing House). For instance if you batched out one day for $987.55 and your rate was 1.58%, the deposit to your bank account would be $971.95, the $15.60 in processing fee's is therefore paid daily. Your monthly statement fee and any additional charges including transaction fee's are charged on a monthly basis. All of your fee's are Clearly detailed for you on your monthly Concord Payment Systems processing statement.

Is there any way other than paying cash or leasing to buy a terminal?

FMS also accepts Visa, MasterCard, Discover, and American Express for equipment purchases.

How will I know how to install and use this new credit card machine?

Whether your purchase a new machine from FMS or you simply have your existing equipment/software re-programmed by FMS we will fully walk you through installation, you will Not be left to figure things out for yourself. We will also train you and however many other employees you need trained on how to use your services on a daily basis.

I don't have many customers asking if I take credit cards, why should I get this service?

If you are asking this question we will assume you are a retail storefront business since the credit card is by far the most widely used method of payment on the internet. Typically people do not feel comfortable stopping their car, parking, and walking into your store, just to ask if you take credit cards before they shop. Quite frankly it is a little embarrassing if the answer is no and the customer only wishes to pay with a credit card and he or she leaves. So usually people do not even stop by your store if they do not already see credit card signage on your establishments doors, windows, and advertisements. They will find your competitor that already takes cards which loses you business. For every 1 customer that does ask you if your take credit cards, there are very likely 50 times that many customers that are not asking you, are not stopping at your store because of no signage, and are currently purchasing product at your competitors using their credit card. This day and age is clearly heading to a cashless society, and with the advent of the Visa or MasterCard CheckCard as well, you now have the majority of the US population with some kind of credit or charge card. See for yourself!

Can I just put any card sales through a friend's business that accepts cards instead?

Obviously this will work, however, you would be doing was is called 'Factoring'. Factoring is very heavily against the Visa/MasterCard polices that every merchant signs regardless of what processor you sign with. If you or your business is caught factoring, you personally, your business, and the other business involved will be cancelled from Visa/MasterCard and placed on a TMF file which will disallow you to ever accept Visa/MasterCard again. Even with a different business! This is obviously a no-no.

Why should I pay you $45 to open a merchant account for me when some others have a free setup?

Nothing in this world is free, that is just the way it is. You should be very very careful dealing with companies that promise 'Free Setup' or even sometimes 'Free Merchant Account'. The fact is that there are costs involved when opening a merchant account and if someone does not wish to charge you a fee, well, plan on being overcharged in some other way for a long time to come.

Will I be able to accept International cards as well?

Absolutely! As long as they carry the Visa, MasterCard, American Express, or Discover logo's. We can also add to your account and support the Japanese card JCB by request. International cars do however carry a slight increased fee from Visa/MasterCard just for those actual transactions.

I have heard horror stories of 'Chargebacks', doesn't that make taking credit cards risky?

A Chargeback is when a customer disputes a charge on his or her credit card bill, and for various reasons may win against the merchant thereby receiving their money back. There are several things you can do to eliminate chargeback possibilities. Some of which includes Swiping or imprinting the card if at all possible through a card reader or manual imprinter (knucklebuster), obtaining an ink signature if possible on the charge receipt, if a phone sale or internet sale you may use address verification to prove it is their card, and require a signature when the package is delivered, and if any kind of service related business in the field having some sort of completely satisfied receipt that the customer signs after a job. Even when these things are done, you still may rarely receive a Chargeback request after a customer dispute, but you will have the proof/backing to quickly show the processor and you will retain your funds. It is worth noting however that the majority of chargebacks that customers win and get their money back is due to the merchant not responding to the request in time! Generally a merchant has 15 days to respond to a dispute, it is always a great idea to keep great records.

How do these leases work?

A lease is and agreed upon payment for an agreed upon amount of time. A lease is NOT a finance that gains interest daily. Therefore if you choose to pay a lease off early you do not save any money by doing so. With our leasing company as with most others, it is standard practice that they will offer a 10% fair market value price after the lease term is up to completely own the equipment. That figure is determined by multiplying your monthly lease payment by it's term and multiplying that by 10%. So a $19.95/Mo. lease for 24 months would have a lease end buy-out of $47.88 (19.95x24x10%=47.88)

Can I use my personal checking account for deposits or do I need a business checking account?

If your business is a Sole Proprietor or a Partnership you may use your personal checking account for deposits, as long as the name on your check matches exactly what you put on the merchant account agreement. If your business is a Corporation, LLC, or any other type of entity then you will be required to have a Federal Tax ID (EIN) # and a business checking account with matching name on the voided check for deposits.