Merchant Processing and POS System FAQ
Frequently Asked Questions
Below are answers to frequently asked questions regarding payment processing. Check out our blog for actionable information on payment processing, point-of-sale, ordering technology, and industry news.
Merchant Services are financial services used by businesses. This includes merchant processing, payment solutions, and other related services.
Merchant processing accounts are for businesses of all shapes and sizes based in the U.S. There are no minimum requirements for age of business or monthly revenue. The merchant account can be set up in an individuals’ name or by a registered corporation.
A merchant processing account allows you to accept credit and debit cards as a business. To process credit and debit cards on a terminal or point-of-sale system, you will need a merchant processing account.
Our merchants can accept all major Credit and Debit Cards including Visa, Mastercard, American Express, and Discover. Other card networks are available upon request (Accel, AFFN, UnionPay, Maestro, Pulse, and more.)
For new or existing businesses, opening a merchant processing account with MiPago is easy! Once you’re ready to get set up, we will just need a copy of your ID, a voided check, and basic address information. Hit the “Contact” button on the top right-hand side of the page to get started.
Although personal and business credit are checked in the underwriting process, it is not a huge factor when it comes to approval. However, open bankruptcies and previous delinquencies on another merchant processing account can cause issues with approval.
Merchant Processing FAQs
MiPago utilizes next-day funding to ensure you have your revenue in the bank the day after you process it.
A chargeback occurs when a customer disputes a transaction with their bank. Since the bank has to credit the customer, they will ‘chargeback’ the losses from the Merchant. This is common in online businesses where transactions are not done in person.
There are a few ways to add layers of security to your processing to prevent fraudulent cards and lower your chances of a chargeback. Get in touch with a payment specialist to see how we can help you prevent chargebacks.
Interchange are per-transaction rates set by the card brands which vary based on brand, card type, industry, and other factors. We like to call this the “cost of the card” since all businesses pay these fees. Typically, Debit Cards have lower Interchange Fees than Credit Cards. Similarly, consumer Credit Cards have lower Interchange Fees than business Credit Cards.
Speak to an Expert
Need Help with Payment Processing?
You’re a pro when it comes to running your business, but payment processing and ordering technology can get confusing. Fill out the form below to have one of our specialists reach out to help you put together the payment processing puzzle.