Advice & FAQs
- What are my potential savings?
- Are there any costs to switching?
- How quickly can I be set-up? (Video)
- Can I get a facility to offer card payments via my website?
- How complicated is the application process?
- Do I need to change my bank account?
- How quickly do I get paid?
- Why do I have to pay fees to process card transactions?
- What is a MID? (Video)
- How complicated is the application process?
- How do I know if my account has been approved?
- What types of terminal are available?
- When will I receive my terminal?
- How do I set-up my terminal?
- Why do Chargebacks occur?
- What is Card Verification Value & Address Verification Services (CVV/AVS)?
- Can I set a minimum transaction value?
- Can I pass the charges on to my customers?
- How do I know if a card is counterfeit or stolen?
- Where do I order paper rolls from?
- What do I do if my terminal is stolen or damaged?
- Can I save money?
- PCI DSS - what does this mean? (Video)
- Card Processing Top Tips (Video)
What are my potential savings?
For every 0.25% reduction in credit card rates we negotiate on your behalf you will save £250 p.a. for each £100K of credit card turnover. In over 95% of cases acceptcards are able to find a substantial reduction in fees for our clients.
Are there any costs to switching?
There are usually NO costs to switching providers if you are already accepting card payments. If you are New to Cards then acceptcards will find you the lowest possible Set up Fees, which can be as high as £300 if you go to your bank direct.
How quickly can I be set-up?
Once you have completed the appropriate documentation and supplied us with all of the necessary information your account will be approved within approximately 10-14 working days. If the bank requires any additional information, then this may delay the process slightly. You will receive a call from the Head Office confirming when your account is live.
Can I get a facility to offer card payments via my website?
Yes. acceptcards can provide you with the lowest rates to accept payments online. This is a more complicated area of card processing and we will liase with you throughout the application process, including advice regarding Payment Service Providers etc.
How complicated is the application process?
You will need to complete application forms from the bank, which may include i.d. information. If you're an existing card user you will simply replace the new terminal for the old one when it's delivered.
Do I need to change my bank account?
No. The bank you use to process your card transactions will credit your existing bank account. The bank account must be a business bank account in most cases, but if you are a Sole Trader or Partnership it may be possible to use a personal account.
How quickly do I get paid?
Funds will normally take 3-4 working days to be cleared into your business bank account. Each month you will receive a statement from the bank showing the total of credit and debit cards processed during the previous month. The bank will take their charges shortly afterwards.
Why do I have to pay fees to process card transactions?
The fees are charged by the bank to cover the cost of processing the transactions and include fees they have to pay to the Issuing banks.
What is a MID?
A MID is your merchant ID number. You should ensure to quote this number on all correspondence with the merchant bank to enable them to respond to your requests promptly.
How complicated is the application process?
You'll need to complete an application form for the bank and the terminal rental company. Each may require copies of identification documentation in addition to the other forms. If you're an existing card user, you'll simply replace your new terminal for the old one when it's delivered.
How do I know if my account has been approved?
A member of the acceptcards admin team will be in contact with you once confirmation has been received that the account is live, you will then receive a letter confirming your Merchant ID.
What types of terminal are available?
There are 4 main types - Static/Desktop, Portable, Mobile/GPRS, and Virtual. Please see our terminal section for more information.
When will I receive my terminal?
Terminals are ordered once the set-up fee has been taken; therefore delivery is typically 3-4 working days after the merchant account has been set up.
How do I set-up my terminal?
Once your account is approved and your terminal has arrived, it is already configured ready for use; therefore once the terminal is plugged in, you can start processing card payments immediately.
Why do Chargebacks occur?
Chargebacks occur when a transaction is returned to the acquirer by the card issuer and where the acquirer may apply a debit to the merchant's bank account. The cardholder can dispute transactions for several reasons and the card issuer will support their cardholder's dispute if it is valid under the scheme rules.
What is Card Verification Value & Address Verification Services (CVV/AVS)?
CVV is an additional service which is intended to assist the combating of fraud in CNP transactions (i.e. online, mail or phone purchases). The purpose is to ensure that the data stored on the magnetic stripe of the card is valid and was generated by the issuing bank. The CVV code is the final 3 digits of the number shown on the signature strip of the card.
Address Verification Services ensure that the supplied address details match those registered for the card.
Can I set a minimum transaction value?
No, you may not set any minimum limit on credit and debit card transactions.
Can I pass the charges on to my customers?
Yes, but for credit card transactions only - PROVIDING you advise them at the point of sale that you are doing this and of the amount to be surcharged.
How do I know if a card is counterfeit or stolen?
The card is swiped in the terminal, the terminal reads the card to check that it is a Chip and PIN card, and prompts the retailer to request either a PIN or a signature from the cardholder, depending on the card type.
For a Chip and PIN card transaction the cardholder verifies that they are the bona fide owner of the card by keying in a corresponding PIN. The terminal verifies the cardholder, based on the PIN being approved. If the card is a counterfeit one, the terminal will prompt the staff member to decline the card or if it is accepted online, the card issuer will be liable for the fraud spend.
Be wary accepting a payment card when the customer claims not to remember their PIN. This could be an indication that the card was stolen.
Where do I order paper rolls from?
acceptcards are able to supply till rolls from a partner company from as little as £14 a box for 20 till rolls.
What do I do if my terminal is stolen or damaged?
In the majority of cases, the merchant is responsible for the safe keeping of the equipment. In the event that the terminal is stolen or damaged, you should advise the terminal supplier who will arrange for the replacement terminal to be delivered and will inform you of the cost for replacing the equipment. You should then make a claim to your insurance company and pay the terminal supplier for the replacement terminal. There are normally options on the application form which allow you to take out extra insurance etc.
Can I save money?
Why not let us see if we can find you a better deal? All we require is a completed enquiry form
PCI DSS - what does this mean?
Most of the card acquirers require a PCI compliance number from all merchants under the Payment Card Industry/Data Security Standards. They all offer their own way of obtaining a certificate and charge for this service, which tends to be the easiest way of arranging a certificate. If your acquirer requests a certificate they may charge a monthly penalty should you not be compliant until they have your PCI certificate number. You can go to the card payment industries PCI/DSS website and go through the process yourself for no charge and obtain a certificate.
You will then have to remember each year to renew it and avoid the penalties as above. It's because it's a complicated process that the acquirers have a simple process and charge through a 3rd party specialist to make it easier for merchants. Most merchants are classed as Level 4 for PCI/DSS where low volume chip & pin payments are mostly taken and at the other extreme a business with substantial card volumes and storing card data will be classed as Level 1 and be required to provide greater detail on their processes to obtain a certificate.
Card processing top tips
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