Frequently Asked Questions
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Frequently Asked Questions
Here are some important questions and their answers that you should ask before signing in for a merchant account. The answers provided here are the answers of few companies that were interviewed by us.
Will you charge me for a second merchant account?
Some companies do not charge for a second merchant account, at least not for basic fees. Obviously, they do charge for each transaction of each merchant account. Their policy of only charging once for basic fees makes them one of the most competitive services available. By basic fees, they are referring to:
Set-up fees - Only one set-up fee no matter how many accounts or services you use.
Monthly fees- one monthly fee per merchant, not per account. So if you have many different ECHO services, you will only be charged one monthly fee.
How much does a merchant account cost?
Merchant accounts with ECHO are extremely reasonable. There are rates pages for each service right on the Web site.
How long does the approval process take?
Their approval process is generally 48 hours, which assumes that all documentation they request is received and that all signatures needed on the application form are provided. They overnight the application to you once you contact them, and give you an overnight package (at their expense) to return the documents to them. It's that easy, and that fast!
Do you have any hidden fees?
No, we do not hide fees as many other processors do. For example, some of our competitors charge an exit fee when you close your account. We don't. But look at their Web sites and you won't see them bragging about their exit fee. Ask the sales representative about it and they'll be vague. Look on the contract they have you sign, and you'll probably see it in the fine print.
How fast can you set up my merchant account?
The merchant account is approved with in 48 hours of time from the time they receive your completed time.
Do you decline any merchant account applications?
Statistically 98% of applications we receive are approved, however, so unless you have serious credit problems or operate a business.
Can I process for more than one business with my merchant account?
No, only one business per merchant account allowed. The credit card associations require this. However, this does not have to cost you a lot of money. Please note that if you have more than one account with ECHO, you will only be charged one start-up fee and one monthly fee, not separate fees for each account.
What are your fees and costs?
All the fees and charges are shown on the website of that particular company.
What are the underwriting requirements to open a merchant account?
There are many underwritten requirements that differ from company to company, like some companies do not open merchant account for those who want to open an online sex business or displays adult content.
I already have a retail merchant account; can I use this for the Internet?
No, if you have a retail merchant account, you will need a second account for your Internet processing. This will not cost you any extra for set-up fees, or monthly fees. Once you've paid us one set-up fee, all subsequent accounts you add do not incur an additional set-up fee.
Are there application fees involved?
It depends from company to company, some companies do offer application fee some do not.
How long will it take for my application to be processed?
After completing your online forums that the company has requested you to fill. You are called on a particular date for a meeting or a package is mailed to you so that you can mail it back to them overnight. After getting the e-mail your account is setup with in 48 hours.
What kind of businesses do you accept?
We accept retail, professionals, trade shows, mail order, telephone order, Internet based, and home based businesses. Sorry, we don't accept adult related businesses.
What if I have less than perfect credit?
We have one of the highest approval rates in the industry. So even if you have credit problems, in all likelihood we will still approve you.
What credit cards will I be able to accept?
We set up you so that you can accept MasterCard, Visa and bank ATM debit cards. You can apply for American Express and Discover at the same time. There is no set up fee for American Express. If you would like to accept Discover Card there is $50 set up charge.
Do I need a business license?
No, you do not need to have a business license, trade name registration, dba certificate, etc. but it is helpful.
What is the discount rate?
Every bank charges a discount rate. The discount rate is the percentage of each transaction that the processing company charges to handle the transaction for you, Our discount rates are exceptionally low for both retail (swiped) merchants and for mail order/telephone order and Internet merchants.
What is the Address Verification System?
If you sell mail order/telephone order, or through the Internet, you don't want to send a product to a false address and have a risk of receiving a charge back. The Address Verification System (AVS) lets you enter the customer's home address and compares it to the address on file with their credit card company. If someone uses a stolen card, and wants products shipped to a false address, AVS will detect this for you.
Will I receive a statement?
Yes. A statement is mailed out every month with the information on all deposits into your account, your total sales volume, and the charges for the month. There is a Monthly Statement/800 Help Desk Fee of $9.95.
How will I get my money?
Your money will be deposited directly into your current business checking account. Funds are usually available within 2 business days (sometimes slightly longer if your business is considered high risk).
How do I apply?
Just fill out the free, no obligation, and online merchant account application . We will contact you within 24 hours (not including weekends and holidays) and let you know what program you have qualified for, and answer any questions you might have. If you would like to go ahead with your application, we'll send you a simple hard-copy application package. When you receive it, you will sign where indicated, and return it along with the requested documents.
How long does the approval process take?
Once all necessary paperwork is received, most accounts are approved in 72 hours. Once approved, we will immediately inform you of your acceptance and deliver the terminal equipment or software.
Is there a service phone number that I can call if I need help?
Yes! You will have live, toll-free merchant assistance available to you 24 hours per day, 7 days a week, 365 days per year.