FAQ

There are many questions you may have about your Merchant Services. Many of them have been asked before and in an effort to save you time, we have put some of the more frequent ones right here for you to review.

 

If you have a question that isn't covered here, simply contact us anytime and we will respond quickly to your inquiry.

 

Getting the correct merchant service provider is important to your business and your bottom line. Be sure to ask questions until you get all the answers. The relationship should be strong from the start if communication and clarity are present. At Worldbanc, you will receive both and then some! We want to earn your business and maintain the relationship for years to come!

GENERAL MERCHANT FAQ's

 

Q. What is a Merchant Account?
A. Merchant Account is a business account that allows you to accept and process payments from credit or debit cards.

 

 

Q. Can I sign up for merchant services before I actually open my business?
A. You can sign up for our merchant services any time you want. Whether you are new in business or have processed credit cards for many years, Worldbanc has a product to fit your needs. Depending on what services you elect to provide to your customers, you will be able to offer anything from simple on-site credit and debit card processing to gift cards and today’s necessary electronic processing from the day you open your doors.

 

 

Q. Can I use my existing equipment?
A. In many cases you can continue to use your existing equipment once we provide your credit card processing. However, old and outdated equipment may no longer be compatible with current standards and thus may not be capable of handling the updated security requirements or the latest types of transactions including gift and loyalty programs. Because the ability to process these additional card transactions can lead to increased sales revenue and new profit centers for your business, it is well worth considering updated equipment. Please call an account representative for further details.

 

 

Q. Can I be approved if I don’t have a good credit standing?
A. Yes, we can work with merchants who have less than average credit.

 

 

Q. What are your rates and fees?
A. Our rates and fees are determined based on the type of business you have and the services you provide. Thus, there is no single answer to this question. We can tell you that our rates are very competitive. Very simply, our goal is to establish a lifetime relationship with you and offering affordable pricing and superb customer service is the best way to retain your business. To receive a no-cost, no-obligation quote, please contact us for any specific questions regarding rates.

 

 

Q. What is an ISO/MSP?
A. An ISO (independent service organization):
A firm or organization that offers to process online credit card transactions, usually in exchange for transaction fees or a percentage of sales. Merchants must generally establish a merchant account before contracting for ISO services, although some ISOs claim not to require separate merchant accounts. See also factoring.

 

MSP (Merchant Services Provider):
A firm that is directly certified by an acquiring bank to provide credit card accounts.

 

APPLICATION FAQ's

 

Q. What types of merchants do you accept?
A. We accept all merchant categories including: Adult Internet, Internet Gaming, Escort Services, Airlines, Travel Agencies, Collection Agencies (if written off Debt). No open bankruptcies or illegal businesses will be considered.

 

 

Q. What credit card types may I accept?
A. You will automatically be set up to process VISA and MasterCard transactions. To accept American Express, Discover, and Diner's Club, simply click on those card types on your application.

 

 

Q. Am I required to have a physical storefront to process credit cards?
A. This is not a requirement.

 

 

Q. Will I need to purchase additional equipment?
A. In many cases you can continue to use your existing equipment once we provide your credit card processing. However, old and outdated equipment may no longer be compatible with current standards and thus may not be capable of handling the updated security requirements or the latest types of transactions including gift and loyalty programs. Because the ability to process these additional card transactions can lead to increased sales revenue and new profit centers for your business, it is well worth considering updated equipment. Please call an account representative for further details.

 

 

Q. What type of bank account do I need?
A. You will need a business checking account. Your bank must allow this account to be credited and debited via ACH methods.

 

 

Q. What happens after my application is approved?
A. After we approve your application, you will be personally notified by your sales representative. You may also receive an email explaining your real-time gateway setup (if you are using a gateway). Note: You or your e-commerce provider may need to perform a small amount of configuration when setting up your real-time processing environment. You will receive a Welcome Packet by mail that explains this process in more detail.

 

 

Q. How will I get paid for credit card transactions?
A. Your designated checking account will be credited for Visa/MasterCard transactions within 2 business days of batch submission domestically or 7 days internationally. All American Express and/or Discover transactions will be deposited by American Express and/or Discover.

 

 

Q. Who will review the information on my application?
A. Our merchant underwriting and activation group will review your application. The information you provide is kept confidential.