A merchant account is a bank account set up between you (the merchant) and a third-party financial institution to manage the settlement of credit and debit card payments. When a customer uses a credit or debit card to make a purchase, a merchant account allows you to transfer the payment amount from the credit card company or issuing bank into your business’ checking account.

No, a business does not have to setup a new separate checking account to establish a merchant account, but instead can use the current checking account that it has with its bank. If a business operates as either a sole proprietorship or a partnership, a personal checking account can be used as a merchant account. If a business operates as a corporation or an LLC, a business checking account is required.

What do I need to open a merchant account?

 

In most cases you will just need to fill out and sign the merchant account application/agreement that we provide you with, and supply us with a copy of a voided check linked to the account where you would like to have your funds deposited.

Call an Elite representitive at 877.330.3313 or fill out our online Quote Form to receive a customized rate quote and a merchant account application with our terms and conditions. Fill out, sign and fax back the application, along with a copy of a voided check, to fax 877.331.2674 or scan and email the paperwork to apply@elitepaymentprocessing.com

Instead of faxing us a copy of a voided check, we can utilize letter from your bank that is on bank letterhead and signed by a bank employee stating your account name with the routing number and account number to your account.

Yes, you can use a blank starter check as your copy of a voided check.

Once all the necessary paperwork is received, accounts can be approved within 4 - 5 hours.

We have one of the highest approval rates in the industry and we have relationships with mid and high risk processors. So even if you have less than perfect credit you are likely to get approved.

Elite Payment Processing does not charge a setup fee or application fee. We also setup Internet merchant accounts with the Authorize.Net and USA ePay Payment Gateways for free. The only upfront cost that you MAY incur is if you are in need a credit card terminal. Elite Payment Processing carries several different types of terminals for you to choose from. Credit card terminal prices start at $75.00.

You will be able to accept Visa®, MasterCard®, American Express®, Discover® and debit cards.

Yes, you will have access to our Tech Department via a toll free 1-800 number to call 24-hours a day, 7 days a week for any training or help that you may need with your equipment.

Yes, you will be setup with a personal account manager for the life of your account. You will also have access to our Customer Service Department via a toll free 1-800 number to call 24-hours a day, 7 days a week to have any questions that you have answered.

Your money is deposited directly into the checking account that you have linked to your merchant account. .

Yes, a statement is mailed out to you each month with detailed information on all deposits into your account, your total sales volume, and charges. You also have the ability to access your account daily, over the Internet with eMerchant View.

Yes, you have the ability to view your account activity online with our live online reporting website. The site will show you live detailed information of your total sales volume and charges.

You choose your desired shipping method.

We highly recommend utilizing a dedicated analog line for your credit card terminal. However, if need be you can process through dual jacks or through your fax machine.

No, communication passes through a toll-free line.

The discount rate is the percentage of each transaction that the processing company charges to handle the transaction for you. Please view "Merchant Accounts 101" in The Learning Center section of the Elite website.

A transaction qualifies as a "card present" or "swiped" transaction when the customer and credit card are present at the point of sale and the card is swiped through a credit card processing system (i.e. credit card terminal, POS system or card reader) that obtains the card holder's information by reading the black magnetic stripe on the back of the card.

A transaction qualifies as a "card not present" or "keyed" transaction when the credit card information is keyed into a credit card processing system (i.e. credit card terminal, POS system, software program, or payment gateway) usually without the credit card or customer present at the time of the sale. The discount rate for a "card not present" transaction is slightly higher than that of a "card present" transaction because the likelihood of fraud is greater when the card is not present at the time of the sale.

The rates for different types of merchant accounts vary depending on the amount of risk involved in the transaction. The accounts with the lowest rates will always be the ones where the customer is present and the card is swiped in a face-to-face transaction. Non-face-to-face transactions such as Internet transactions and transactions where orders are taken by phone or mail are generally considered higher risk and are charged a slightly higher discount rate.

If you own a retail business where most of your transactions will be "swiped" with the card present at the point of sale, we suggest a credit card terminal with an internal thermal printer. You also have the option of utilizing USA ePay with the Retail key, PC Charge, as well as Authorize.Net to process "swiped" transactions in a retail environment. We would simply connect a credit card reader to your computer via a USB cable. In addition, you may want to utilize a pin pad at the point of sale to potentially reduce your processing fees. Ask an Elite representative how you could save on processing fees by utilizing a pin pad. See our full list of credit card terminals, pin pads, and Internet and PC Payment software to learn more.

Yes, you can use your PC or wireless laptop as your credit card terminal with USA ePay, PC Charge, or Authorize.Net to accept "swiped" transactions in your retail store or at your wireless location using a Card Reader that is connected to your computer via a USB cable.

In order to accept credit cards over the Internet, you need a payment gateway to process your transactions. A payment gateway essentially acts as an online credit card machine. We recommend using USA ePay, or the Authorize.Net Payment Gateway, today's ecommerce tool of choice for accepting payments over the Internet. Their gateway is the most cost effective, user friendly, and can handle a business of any size.

USA ePay and Authorize.Net are Internet based credit card processing tools that simulate the behavior of a credit card terminal in a secure, real-time environment. USA ePay and Authorize.Net can be used in three ways: 1.) It can be integrated into your website's shopping cart as a Web Link 2.) It can be used as a 'Virtual Terminal' for manual key entered transactions without website integration 3.) It can be used in a Retail setting utilizing a card reader to swipe your customer's card present transactions. To find out more about USA ePay and Authorize.Net ask an Elite representitive.

Yes, this is an ideal option for both small and large sales forces because an unrestricted number of users can log into one account. USA ePay and Authorize.Net will grow with your business by supporting an unlimited number of transactions and almost any business model.

With a mail/phone order merchant account, you can use either a credit card terminal, or the USA ePay and Authorize.Net payment gateway. Call us so that we can assist you in customizing a solution that's right for your business type.

With a wireless merchant account you can use either a wireless credit card terminal, or the USA ePay or Authorize.Net Payment Gateway on your wireless laptop. By utilizing a wireless terminal your business will qualify for lower rates because the magnetic strip on the back of the credit card is being captured, therefore allowing your business to qualify for lower rates. Ask an Elite representative about wireless options and how they can benefit your business.

If you have any further questions, or to receive assistance in customizing a payment solution that is right for your business, please contact us toll free at 877.330.3313.