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Merchant Processing FAQs
What is a merchant account?
- A merchant account is a type of account that enables your business to accept credit card payments from your customers.
- Why should my business accept credit cards?
- You will attract customers who prefer to use credit and debit cards.
- Customers spend 12 to 18 percent more when using credit cards compared with cash.
- Accepting credit cards can increase sales by 30 to 100 percent.
- You will lose customers to competitors that do accept credit cards.
- In essence, accepting credit cards pays for itself.
- What credit cards will my business be able to accept?
- Your business will be able to accept Visa, MasterCard, Discover, Diners Club, and JCB credit cards. We will be able to apply for American Express, Wright Express (WEX), and Voyager cards on your behalf. If you wish to accept Electronic Benefit Transfer (EBT) cards, you will need to apply in your state.
- What are The Small Business Authority Merchant Processing rates?
- Rates vary depending on the type of business you run and which cards are being processed. We are very competitive, and it is worth your time to get a free cost analysis.
- How quickly will I receive my funds?
- Most funds are deposited within 48 hours to a bank of your choice. American Express funds are deposited separately.
- Can The Small Business Authority reprogram POS (point of sale) terminals?
- The Small Business Authority may be able to reprogram your existing equipment. One of our specialists will be able to determine if this is the best option for you.
