Faqs

FAQs

FAQs

New Merchant FAQs

  • What is a merchant account?

    A merchant account (MID) is a type of account that permits businesses to accept credit card and debit card payments from their customers.

  • What is the process to set up a merchant account?

    MNBS Payment Solutions is a direct payment solution. Our client service specialists will counsel you every step of the way to setup a merchant account and begin processing payment transactions for your business.

  • How long does the process take to setup a merchant account?

    From the date that the FULL and COMPLETE merchant application and supporting documents are received, our general boarding times are as follows:

    • Retail – Brick and morter businesses- 2 business days;
    • E-Commerce- Low to Medium risk industries- 2-4 business days;
    • High Risk – upto 14 business days, depending on the complexity of the file.
    • M-Commerce- 2-4 business days
    • Off Shore Solutions – (Europe & Asia)- upto 14 business days
  • What are the general requirements to setup a business merchant account?

    Every merchant account will require, at the minimum:

    • Application – Completed by a credit worthy individual.
    • Voided Check – Account to have your transactions deposited into.
    • ID copy-
    • 6 months Current Processing Statements – For existing businesses only
  • When looking for a credit card processing company what should you ask?

    To find the best solution for your business, both parties must have an open dialogue and communicate their goals with complete transparency. By opening the communication channels we are able mutually agree on the best solution for your business.

    Other important questions to ask include:

    • Do you offer 24/7 technical support?
    • Is there a recurring billing option (if your business bills for products or services on an ongoing basis)?
    • How long will it take for the funds from card transactions to reach my bank account?
    • How long does it take to setup an account?

    Most importantly, it’s best to feel comfortable with the company you are working with. MNBS Payment Solutions believes that a large factor of providing comfort is to be completely transparent. We are here to complement your business and to help it prosper.

  • What is merchant account discount rate?

    Fees are paid to maintain a merchant account when it is used to process payments. One of the typical fees is the discount rate, which is paid to the company or bank where the merchant account is held. It is the percentage that is charged on each card transaction and is pre-determined when the account is set up. The rate is determined on a case by case basis based upon a factor of risk assessment.

  • How do I receive payment for the transactions that are processed with MNBS Payment Solutions?

    Using Automated Clearing House (ACH), MNBS Payment Solutions will directall funds due to the business bank account you have provided.

  • When will I receive the settled funds into my business bank account?

    MNBS Standard.For approved accounts, MNBS Payment Solutions can have the funds in your account on the next business day from settlement.

    Industry Standard. The industry standard for our competitors is a 48-72 hour delay.

  • I want to begin accepting payments with credit cards. What kind of hardware do I need?

    MNBS Payment Solutions works with your business to find the best solution for your current and future needs. Different industries as well as many factors come into play, however, some of the most basic include:

    • Type of merchant account (E-Commerce, M-Commerce, Retail>
    • Type of transactions, monthly volume, average ticket
    • E-Commerce– no additional hardware needed. Our gateway and inclusive API provides you with all of the technological integration for your e-commerce needs.

      M-Commerce- Just as with our E-Commerce integration, our API will integrate directly into your M-Commerce applications (apps) without any additional hardware. We also can provide M-POS solutions which is a mobile POS system for your mobile business.

      Retail- any card swiping business will require a terminal. MNBS Payment Solutions has a wide verity of options some which are FREE.

      Our client specialists can identify more of the advantages and disadvantages of each system so that you can properly determine what is best for your business.

  • I already have a credit card terminal or gateway; can I just reprogram it to work with MNBS Payment Solutions?

    Generally yes, however, we would need to know the system type, model and history to confirm full integration.

  • What is MNBS Payment Solutions role in processing transactions?

    MNBS Payment Solutions is a DIRECT SOLUTION payment processor. We enable your business to authorize and transmit transactions by credit card, debit card, fleet card, private label card, electronic gift card and corporate card. We also settle the funds through the card Associations (e.g. MasterCard and Visa) and cause deposit of your business funds direct to your checking account.

    MNBS Payment Solutions is focused on our 100% client satisfaction. As such, we also assist our clients by: handle adjustments, chargeback processing and management, fraud prevention, merchant billing and account activity reporting.

  • What are interchange fees?

    Interchange fees are transaction-related costs that MNBS Payment Solutions pays to the issuer of the card as compensation. Interchange fees are established by Visa and MasterCard based on many factors, the most prevalent being industry type and risk assessment of each card transaction.

  • As a merchant, what types of credit cards and payment solutions can I accept?

    MNBS Payment Solutions allows your virtual terminal to support MasterCard, Visa, American Express, Discover, Diners Club/Carte Blanche and JCB cards.

    Additionally, MNBS Payment Solutions allows its clients to process debit, interact, EFT/ACH transactions and more.

    Have more questions?, please check out some of the following videos for review:

For more information about our processing services, call 1-888-505-6956