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What is a merchant account and why do I need one? |
A merchant account is an account at an Acquiring Bank and is used to fund you for your credit card transactions. You need a merchant account in order to accept and process credit card transactions. |
Dreams taken too seriously become realities. - Massachusetts turnpike billboard |
Still have questions? Contact us, we're glad to help! |
What is a payment gateway and why do I need one? |
A payment gateway is a service that allows accepting credit cards over the Internet. A payment gateway does for a website what a terminal does for a store: it encrypts the credit card data and sends it out securely over the payment network. |
What information do I need in order to apply for a merchant account? |
The information required is contact information for your business, your refund policy, your monthly volume processing volume in dollars, your average transaction amount, your highest transaction amount and your Federal Tax ID, if you have one. We'll also ask about what equipment you'll be using, and what card types you'd like to accept (Visa/MasterCard/Discover/American Express). When you complete the application, you'll be required to supply personal identification information as per the Patriot Act. If you are a sole proprietor, we require a copy of a pre-printed voided check. If you are incorporated, we also need a copy of your proof of incorporation paperwork. If you are already processing credit cards, we also need three months of processing statements from your current provider. Other documentation may be required, depending on the monthly volume and average/high ticket amount you are applying for. |
How long does the process take to get approved and up and running? |
Once we receive your completed application and supporting documentation, it normally takes 2-3 business days to approve your application and create your merchant account. It can then take another 1-2 days to prepare your equipment. |
Do you provide merchant accounts for companies based outside of the U.S.? |
At this time we do not provide merchant accounts for companies based outside of the U.S. |
What are your rates and fees? |
Please see our Pricing page for a full explanation of all rates and fees. |
How can a merchant service provider be green? |
Please see our Being Green page for an awesome list of how we are green! |
How and when are the donations made? |
You tell us what charity you'd like to donate to. We calculate 10% of the processing profits we made on your account and send that donation to your charity. We make the donations on an annual basis in the first quarter of the year, after we receive our year-end numbers. Please see Giving Back for more information, and a great list of ideas for charities to donate to. |
How do I get started? |
Take a look at our Start Now guide. We look forward to hearing from you! |
How soon am I funded? |
You'll receive deposits directly into your checking account for your daily totals 2 business days after the transactions are taken. |
Can I have my checking account at any bank? |
We can connect to any checking account at a U.S. bank. |
© 2007 - 2011 Dharma Merchant Services Dharma Merchant Services is a registered MSP/ISO with Merrick Bank Corp., Woodbury, NY, 11797 and BMO Harris Bank N.A., Schaumburg, IL Dharma Merchant Services: Commerce with Compassion |