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Internet Merchant Accounts
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FAQs - Merchant Accounts
What is an Internet merchant
account?
For a merchant to be able to accept credit
cards for payment on the Internet, the merchant must have an Internet
merchant account with an acquiring institution. The acquirer authorizes
the purchases made with the card and ensures that the funds are deposited
into the merchant's bank account. VeriSign acts as the channel for moving
the credit card transaction from the merchant's web site to the acquirer's
processing network, receiving the results, and posting them back to
the merchant's site. VeriSign also facilitates the settlement of funds
from the cardholder to the acquiring institution.
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How do I get an Internet merchant
account?
To qualify for an Internet merchant account,
you must have a checking account with a U.S. bank. If you do not have
an account with a U.S. bank, many acquiring institutions can assist
you. Your acquiring institution must set up your account to use one
of the following processing networks:
- EDS
- First Data Merchant
Services
- Norwest
- Nova
- Paymentech
- TeleCheck
- Vital
Your account must be set up with the bank to
use VeriSign as the software type or the payment gateway.
To get a merchant account, click
here.
For a partial listing of all banks that can
set up your merchant account to use VeriSign, click
here.
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Can I use my existing merchant
account with VeriSign?
Possibly. You must have a merchant account
that is specifically designed for Internet transactions. If you have
an existing merchant account, check with your acquiring institution
to see if they can provide you with an Internet merchant account. Ensure
that it can be set up to use VeriSign through the VeriSign supported
processing networks.
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What kind of bank fees can
I expect to pay for an Internet merchant account?
Fees will vary, depending on the acquirer.
Ask up front what types of fees are involved. Most acquirers charge
an application fee that ranges from $50 to $300. Some acquirers charge
a minimum monthly fee, and/or a monthly statement fee. All acquirers
charge a discount rate, which is a percentage of the transaction. This
can range from 1.8% to 5% per transaction. Many acquirers also charge
an additional per-transaction fee that ranges from $0.10 to $0.40 per
transaction.
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How long does it take to get
an Internet merchant account?
The process can take from one day to one month,
and sometimes longer. Often the time will depend on the completeness
of the information that you provide to the acquirer. To minimize the
waiting period, be sure to provide complete information during the application
process.
To get a merchant account, click
here.
For a partial listing of all banks that can
set up your merchant account to use VeriSign, click
here.
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Do my VeriSign fee include
the bank fees?
No. The services provided to you by VeriSign
are separate from the fees charged by your acquirer. VeriSign's flat
fee service makes it easy for you to forecast the transaction processing
expense of your web store.
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I have had some problems in
the past with my credit. Will I be able to obtain an Internet merchant
account?
Certain acquirers specialize in providing merchant
accounts for "high risk" merchants. You can expect to pay
higher rates to the acquirer if you fall in the high-risk category.
If you need assistance locating an acquirer, please contact
sales.
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How often will you settle my
account with my acquiring bank?
All transactions processed by VeriSign are
closed and settled with the acquirer at least once a day. Funds will
appear in your account in 1-5 days.
Your acquirer will handle the financial settlement
of Visa and MasterCard transactions. When you set up your account with
your acquirer, you must specify whether you want your acquirer to settle
American Express, Diner's, Discover, and JCB transactions, or the settlement
will happen through the respective card companies independently.
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How do I verify funds have
been deposited into my account?
You must confirm with your acquiring institution
that funds have been deposited. There is usually a delay of about two
days between the processing date and the time that funds appear in your
bank account. The exact time frame depends on the bank.
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