Merchant Education Topics and Frequently Asked Questions (FAQs):

What is a merchant account?

Why do I need a merchant account?

What are the benefits of a Good Merchants merchant account?

Can I accept Debit Cards?

How fast can I get my merchant account setup?

How long does it take to receive my money?

What's the difference between a qualified, mid-qualified, and non-qualified transaction?

I have a previous bankruptcy or bad credit; can I get approved?

Do I need a new card swiper / terminal if I get a merchant account from GoodMerchants.com?

Use our terms and terminology section to find definitions for some of the credit card processing industry's terms and terminology.

Ready to open your merchant account and start processing credit card payments?  Then, let's get started!!

Answers to FAQs:

What is a merchant account?  A merchant account is an account that a merchant must have in order to accept credit card payments from customers.  While there are many merchant account providers, they, their accounts, and their service differ substantially.  Be sure to always check the rates and fees carefully because you'll oftentimes find hidden fees.

Why do I need a merchant account?  Because, like most businesses, your business will most likely increase sales by 10% to 50% just by accepting credit cards and not restricting your customers to paying only by cash or check.  Your customers will also increase their confidence in your business by having a merchant account and accepting credit cards.

What are the benefits of a Good Merchants merchant account?  By getting your merchant account through Good Merchants.com, you will be aligned with the best companies in the business and your account will be services by the largest issue of First Data merchant accounts in the country.  In addition, you will not be charged any fees for your account application, setup, or programming.  In addition, you will have no monthly minimum, no early termination fee, and free terminal programming.  Finally, you will be given the best rates and fees in the business.  You simply cannot find a better deal.

Can I accept Debit Cards?  Yes, your merchant account from Good Merchants.com will enable you to accept debit card payments from your customers.

How fast can I get my merchant account setup?  It typically takes only 24-48 hours to get your merchant account setup, get you a Merchant ID, and have you processing using our lower rates.

How long does it take to receive my money?  Your funds are deposited automatically into your business's checking account and are typically deposited within 48 hours of the transaction being settled.

What's the difference between a qualified, mid-qualified, and non-qualified transaction?  This is an excellent question and requires an in-depth answer...

I have a previous bankruptcy or bad credit; can I get approved?  Yes, you can.  However, in some cases, you may be asked for an "ACH Delay" which would mean that your funds would be deposited into your checking account in 72 or 96 hours, as opposed to the standard 48 hours.  This happens frequently and is not really anything to be worried about.

Do I need a new card swiper / terminal if I get a merchant account from GoodMerchants.com?  No.  That is one of the nice things about our merchant accounts: virtually every time, we can re-program your existing card swiper / terminal - and we don't charge you a fee to do that, either!  Programming of your existing credit card swiper / terminal is FREE!

Click here to find definitions for some of the credit card processing industry's terms and terminology.