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When you choose the right merchant provider, you will never regret getting your own merchant account!  After two years of experiencing the worse, we found Net1. Their friendly staff worked with us to establish our merchant account and their online terminal packed with tools turned our billing nightmare into an efficient and money saving billing system!To assist you in understanding what is involved, we've put together information that we believe will help you understand and get prepared for the application process. Follow each of the links above. After reading the information, should you still have questions, please feel free to click our Live Assistant link to the left or slip us an email at Merchant Account Questions and we will do our utmost to answer your questions thoroughly and promptly. MERCHANT ACCOUNT FEATURES: These vary from merchant provider to merchant provider. The features I list below are features provided with Net1. Payment Type Setup: Visa, Mastercard, American Express, Discover, and *Virtual Bank Checks. *Virtual Bank Checks - no more waiting for the check in the mail or for it to clear, all fees are immediately deducted from clients bank account. Recurring Billing - This features is great for ongoing client monthly fees. Enter clients credit card or checking account information once and it will be automatically be billed each month on the day you specify. After recurring billing occurs you receive an email detailing the transactions to compare with your records. Shopping Cart - Integrate their shopping cart right into your web pages. Easy setup and product/service entry, catalog service, department management, shipping options, merchant policies, sales tax, and special promotions. Batch Management - Auto close batches. Detailed Reporting - View current batch details, closed batch details, upcoming card expirations, recurring transactions, transaction reviews - search by date and/or credit card number, or cardholder name. Many merchant account providers charge additional monthly fees for the above features, with Net1, these are included with your account! Back To Top TERMINAL OPTIONS: Virtual Terminal: This corresponds with the features I've listed above, the virtual terminal is for merchants that primarily do business on the internet, by phone, or mail. You are provided with a secure URL where you process your clients credit cards for purchases and access the above features. Terminal Equipment This is for merchants that primarily do face to face business with their clients and actually have the credit card in hand. Back To Top THE FEES: The fees that you will pay to your merchant provider each month and these are: Terminal Fee, Statement Fee, Discount Rate, Per Transaction Fee, and/or Monthly Minimum Fee, below are the fees charged by Network 1 Financial for Internet based merchants: >>> Base Monthly Fees*: 1. Terminal Fee: $15.00 per month 2. Statement Fee: $9.95 per month Base Monthly Fee: $24.95 per month * The Base Monthly Fee is what you will pay each month for your merchant account privileges. With Net1, this includes terminal access, recurring billing, auto client receipts, numerous reports, shopping cart, and all of the other tools available inside your terminal. Other services charge you additional fees for all the tools accessible inside your terminals, Net1 does not. >>> Additional Fees Based On Total Monthly Sells**: 3. Discount Rate: anywhere from 2.40% to 2.75% 4. Per Transaction Fee: $0.25 and/or 5. Monthly Minimum Fee: $25.00 ** Additional Fees are: The Discount Rate is the percentage you pay of each sell you process. The Per Transaction Fee is just as it states, you pay 25 cents for each transaction you process regardless whether the transaction is approved or not. The Monthly Minimum Fee is the fee you pay if your total sells do not total more than $50.00 per month. This means if your total sells equal less than $50.00, you will pay an additional $25.00 fee. Back To Top THE APPLICATION PROCESS: 1. A Net1 representative will email you the application in PDF format. You complete the application and fax it back with neccessary documents. (see below) 2. The representative verifies the application is completed and signed, and neccessary documents are included. He or she then sends it over to their sponsoring bank. (see below) 3. The sponsoring bank reviews your application, validates included documentation, visits your web site, paying special attention to your TOS and/or Use Policy and renders their approval decision to the Net1 representative. (see below) 4. Upon approval your account is setup and an email is sent to you with your account access information. Regardless of what you have heard, or what other merchant providers advertise, the entire process takes a minimum of 3 business days and is based on your thoroughness on your application and whether the sponsoring bank questions any part of your documentation and/or TOS/Use Policy. Before completing the application there is information that you will need during the application process: Incorporation papers. If you are incorporated you will need to provide your corporate ID number on the application. If you are a sole proprietor you will need to provide your social security number. Your average billing amount. This is the amount that you most commonly bill. For example, you may have a monthly fee that you charge that is standard, and then you may have other fees that you charge that are not charged on a regular basis, the standard amount would be your average billing amount. Your high billing amount. This is the largest billing amount that you have billed or are likely to bill. Because your primary method of obtaining orders is via the Internet and not a physical location, you will need to send a copy of your most recent telephone or electric bill along with your application. If you currently have a merchant account, or had a merchant account in the past, you will need to provide a copy of your last statement from that merchant provider along with your application. You will also need to include with your application a voided check for the bank account that your deposits will be made to. About your TOS/Use Policy: As ironic as it may seem, the card services, Visa, Mastercard, American Express, and Discover's primary protection is for the cardholder, not you. Because of this, the sponsoring bank will review your TOS/Use Policies very carefully to insure that the cardholder is not liable for anything. This includes deposits, reversal fees, etc. Before sending off your application go through your policies and state that deposits must be paid via check, and instead of fees for any charge backs, you apply a late fee for the account being past due. There is no sense in arguing with the bank on these issues, you will never win, but with a little rewording in your policies you can still protect yourself from loss. Summary: Corporate ID or SSN Average Billing Amount High Billing Amount Copy of current phone or electric bill Copy of statement from merchant provider if applicable Voided Check The above sums it up. If you have any questions, please feel free to click our Live Assistant link to the left or slip us an email at Merchant Account Questions and we will do our utmost to answer your questions thoroughly and promptly. READY TO GET STARTED? Click Here to submit a small questionnaire and we will help you to get started. Back To Top |
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