Quote:
Originally posted by HairToStay
This new processor is 1000% better than my old one. Customer service when I need it, they all speak English, and give me no bullshit.
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They all speak English? Um, that's interesting to say the least lol ;)
Getting a merchant account requires a few things - either a previous history with a merchant account or some qualifications to get a first one.
They will need corporate info, personal info, your company and personal credit will be checked.
If you are approved you will put up a particular amount of money for reserve, based on what you estimate your transaction volume to be monthly, and if you don't have the cash some times they will allow you to put up a % of your gross initially to cover the reserve.
You will also have a cap, or limit to the amount of volume you can do per month on your account -- and when you hit that amount you cannot run more transactions until the next period. You are also responsible for all your own risk management and customer service, though you may contract either or both out to another company, including the one that helps you acquire the account.
ANYONE claiming to have true 5967 processing without either reserves, caps or to have exceptionally low discount rates is either lying or taking you for a ride in the end, since that simply does not occur.
The very same Visa compliance department that Martin E runs handles own merchant account people just like they do the IPSP accounts.