You want to open a merchant account to help your business grow, but you are not quite sure where to begin. After you review your options, you decide to shop around for credit card processing. You can save yourself some time if you know the basics before speaking to a processing representative. Here are a few things you need to know about merchant accounts before you accept credit card payments at your business.

Payline FAQ: How do I accept credit card payments at my business?

Q: How long does it take to set up a merchant account?

It typically takes about 24 hours (weekdays) for your application to be reviewed.  Most accounts with low risk and established paperwork will be approved within this period. If you have a slightly higher risk business or there is a question about your paperwork, it could take up to 5 days to receive an approval. It’s important to be very communicative during this time period; lack of communication from a merchant increases the time it will take to become approved.  Also, double-check your paperwork before you submit it to the processor.  Once approved, your representative will schedule the setup process as soon as possible.  Payline does an excellent job of communicating with merchants consistently, helping you to accept credit card payments in a reasonable time frame.

Q: Paperwork? What should I prepare?

To qualify to accept credit card payments with a company like Payline, you must be a US resident and have a US business checking account, a Social Security Number or Federal Tax ID number and a business license (or other documentation from a third party that verifies that you operate the named business at the location you provided). Our team is ready to assist you while you complete your application in order to make sure that all documents have been submitted before your application faces underwriting.

Q: Does my credit score affect my potential to accept credit card payments?

Unfortunately, if your credit score is less than desirable, you could face some difficulties during the approval process. If you are currently going (or have gone) through bankruptcy or if you have tax liens, talk to a Payline representative before going through the trouble of completing an application so that they can help you try to get your account approved. Besides – your credit situation may not be as bad as you think, so it’s worth a call to the experts first if you’re not sure.

Q: What is all of this going to cost me? 

We understand that your choice in processors ultimately falls on where and how you can get the best pricing. Payline offers interchange plus pricing. Interchange means cost, so interchange pricing is the cost of the card plus a small, fixed service fee.  This removes any element of surprise on your processing statement by providing you with a clear explanation of charges (as these rates come directly from the card networks). It is important to note, however, that no merchant or processing company has any control over these rates. Every merchant pays interchange.

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