At Capital Bankcard-New England we believe that you are entitled to accurate information along with full disclosure throughout your whole experience with us. That is why we’ve put together a few of our most frequently asked questions to ensure you that choosing us as your merchant provider is the best thing you could for your business.
What is a Merchant Account?
A merchant account enables businesses to accept credit card payments for goods and services sold. It is established by an agreement with the merchant provider and underwriter/payment processor that binds the business owner to obey the operating regulations of Visa, MasterCard, American Express and Discover, among others.
What are the fees associated with accepting credit cards?
All merchant providers assign different rates and fees to each credit card transaction, categorized by the card type and method of processing. Fees are charged based off of the level of risk associated with each type of card. The higher the risk of a card being fraudulent, the higher the overall cost to process that card.
Fees are typically assessed monthly and are determined by the volume of cards processed the previous month. Our schedule, for example, is setup so that all transactions processed in March are accumulated until the end of the month and then collected the first week of April. Each month will vary depending on cards accepted, sales volume and the method of processing each transaction. Typically, you can expect a 2-4% average charge on your monthly processing volume. So if you process $1,000 a month, you can expect your fees to average around $30 monthly.
How do I accurately compare my current processors rates with yours?
We understand that statements are complicated and surcharges and additional fees can be hidden in many ways. By providing us with your current processing statements, we provide a thorough cost analysis, going line by line and giving you an apples to apples comparison of what you’re paying now and if we can do better. We take the time to explain each rate and teach you to how to read your statements accurately so that moving forward you are able to understand and even predict how much money is spent monthly and why.
How do I get my business set up to accept credit cards?
The first step would be to reach out to us! We will do a complete consultation to get to know you and your businesses needs. During that, we determine what equipment would best suit your processing functions and set a timeline for getting you up and running. To book a consult, visit our services page on Facebook and schedule an appointment.
The second step is to complete an application which is then submitted to our underwriter for approval. The application process requires collecting your legal business information (such as state licensing, federal tax information and bank account information). Our underwriters then do a soft inquiry onto your association with the business. We do not implement hard inquiries onto your credit. Applying for a merchant account does not make any changes to your personal credit score.
The third step, upon approval, is somebody from our staff visits your business, sets up your devices, trains and makes sure you and your staff are comfortable utilizing every aspect of the equipment.
It’s as easy as that and typically only takes 2-4 days from start to finish.
If you’d like to jump right in, please visit our forms tab to download our Merchant Application checklist. Once you’ve filled it out, please give our office a call and we’ll get started right away!
What about the equipment? Can I lease it?
Part of our mission includes providing business owners with the most affordable processing solutions. We understand that starting a business is expensive. If the equipment you choose is outside of your budget we are happy to work with you to create an interest free payment plan. We do have leasing options for larger setups but we highly recommend avoiding it at all costs. We’re here to help your business make money, not lose money.