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Merchant Accounts

Businesses use a merchant account to accept payments via credit or debit card by a consumer. It’s a bank account which comes in three forms; retail, main/telephone order and internet merchant accounts, and is depended on the business’ needs.

273 Questions

Is Payment Logistics a legitimate company?

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Asked by Wiki User

Yes, Payment Logistics is a legitimate company. Headquartered in San Diego, CA, Payment Logistics true legal name as registered in its state of organization (NV) is Payment Logistics Limited. Due to naming convention restrictions in the state of California, they are registered in CA as Payment Logistics, LLC.

Payment Logistics has been in business since 2003 and is rated amongst the highest in customer satisfaction. They handle in excess of 1 billion dollars annually in credit and debit card volume for their merchant account customers.

They provide their services to small and medium sized businesses, many who are at the pinnacle of their industry. For instance, in the fine dining industry, Payment Logistics does business with some of the top restaurants in the world. In the win industry, they do business with the premier wineries in Napa and Sonoma counties.

In the hospitality and tourism industry, Payment Logistics does business with brand name hotel franchisees throughout the nation.

Because Payment Logistics specializes in technology and support, they have found a niche in the middle market where merchants have the need for robust technology, but do not have the internal resources to manage it by themselves. By filling the technology support gap with highly trained in0house personnel, Payment Logistics is able to attract and retain the most discerning merchants in their respective industries.

Their corporate website is www.paymentlogistics.com.

How do you improve merchant account activation?

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Asked by Wiki User

The first element we have to look at is the line of business. The Business types are classified into three segments across the merchant processing Industry. The factor which is the base of this profiling of the business type is the level of the risk involved. The risk in Merchant processing industry means the average chargeback or refund in the industry.

Low-Risk Merchants. These merchants sell products and services that don't create situations of returns and chargeback. The Average Return and Chargeback ratio in this type of category is less than 1%. Example of this kind of industry will be a school taking payments for Tuition fees or Govt agencies selling Train Tickets.

Mid-Risk Merchants. In this industry type, the possibility of return is a little bit higher than the Low-Risk Merchants.Most of the times the local and International Regulations favor this industry type. Example for the same is a Salon, Resturant or Gym.

High-risk merchants. This type of merchants offers products or services that are always are the honeycomb for Returns and Chargeback

These industry types create risk for the entire banking system as they have a history of involvement in practices like Transaction Laundering, Money Laundering, Miscoding and Forging documents.

Now that we know all the three different industry types it is the time for us to discuss what must be done to get approval from payment processing company for a Merchant Account.

Points to keep in mind throughout the onboarding process.

You need to make sure that you send all the legal documents that are asked by the payment processor.

The Merchant should never manipulate the information on the application form.

The documents should be the true copies in PDF format. Absolutely no manipulation.

The Sellers Website where the product and services are listed should look authentic and should have genuine content. Do not use a single page website. Put pages like About us, Service, Shop and contact us.

Add policies to the site like Privacy, refund, Cookies, and Terms

All the products and services should be listed with clear pricing, Specifications and Delivery Time Frame.

It is recommended to use a shopping cart as it helps in integration and also in maintaining records of sales.

The Merchant should never misrepresent the business model. If you sell X don't mention that you Sell Y. If you do so you are committing a Crime called Miscoding.

A good credit score is what most of the top notch payment service provider was looking at before underwriting any new Merchant

24/7 support system is recommended as most of the merchant account providers want customers to get support as soon as possible

Merchant account approval is a time-consuming process it is recommended that merchants keep patience and do not bomber the underwriting team by sending status request emails or making phone calls to check the status of the application.

If I write paid in full on a cashier's check and they cash it can they still charge me more money?

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Asked by Wiki User

Most likely yes they can still charge you. A conditional endorsement on a check, ie writing "paid in full" or "payable only in the event the job is completed to my satisfaction" is considered irrelevant. As long as the company can prove you still owe them money, they have the right to collect.

How do you develop adaptability skills?

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Asked by Wiki User

go to a new country for a few years and ur adaptability skills will be rocket high :)

Does a store clerk need to check the 3 security numbers on the rear of a credit card?

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Asked by Wiki User

The answer depends on the store's policy on processing credit card transactions.

Every merchant that accepts credit cards has a policy concerning how they choose to authenticate credit cards. Generally, the more checks that the merchant does, the lower the cost of the transaction for that merchant.

Many retail stores (suggesting store clerks) do check the three security numbers on the back and enter that information into the register/reader when conducting the transaction. Having those three numbers helps indicate that the transaction was done with "card in possession."

IF you are not sure that a store clerk is handling your credit card correctly, ask to speak with a store manager and ask the process that they use to process a credit card transaction at the register.

Distinguish between direct and indirect selling channel?

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Asked by Wiki User

Indirect selling is employed when a manufacturer in the United States, for example, markets its product through another U.S. firm that acts as the manufacturer's sales intermediary. There are several advantages to be gained by employing an indirect domestic channel. The channel is simple and inexpensive. The manufacturer incurs no start-up cost for the channel and is relieved of the responsibility of physically moving the goods overseas. Since the intermediary very likely represents several clients who can help share distribution costs, the costs for moving the goods are further reduced.

An indirect channel also has limitations. The manufacturer has to give up control over the marketing of its product to another firm. The channel may not be permanent because the intermediary can easily discontinue handling a manufacturer's product if there is no profit.

Direct selling is employed when a manufacturer develops an overseas channel so that it deals directly with a foreign party without going through an intermediary in the home country. One advantage gained in using the direct selling channel is active market exploitation. Another advantage is greater control. The channel also improves communication and consistency.

Direct selling, however, is a difficult channel to manage if the manufacturer is unfamiliar with the foreign market. It is time consuming and expensive.

Is cash in the bank debit or credit?

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Asked by Wiki User

Cash you have deposited into a bank is credit

Money to be paid back later is debit

When is AVS fee charged on merchant account?

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Asked by Wiki User

Depends of the the Credit Card Processor as not all Merchant Account Providers charge this fee.

The AVS fee (address verification service) is usually charged on a per transaction basis, usually immediately. Not all credit card processing companies charge this fee but some unscrupulous CC processing companies that do are not upfront about this fee and charge it in addition to the per transaction fee. For more info on accepting credit cards you can check out www.AcceptingCreditCards.info

When is an AVS Fee charged on a merchant account?

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Asked by Jay15z

The AVS fee (address verification service) is usually charged on a per transaction basis, usually immediately. Not all credit card processing companies charge this fee but some unscrupulous CC processing companies that do are not upfront about this fee and charge it in addition to the per transaction fee. For more info on accepting credit cards you can check out www.AcceptingCreditCards.info

Is a questionnaire considered qualitative or quantitative?

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Asked by Wiki User

it depends on the type of questionnaire you are wanting to do it can be either of them. a qualitative questionnaire will have open ended questions where the questions are asked and they can write what ever they want. a quantiative questionnaire uses structured questions where you have to chose an answer for the list or chose on a scale from for example strongly agree to strongly disagree

What is an example of a mission statement?

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Asked by Wiki User

American High SchoolExample of a Mission Statement: American High Schoolprovides a learning environment that challenges students to reach their academic, civic, and social potential in a diverse community so that they may become a participating and cooperative members of society. Academics:Take responsibility for their own learning: to grow personally while achieving academic excellence. Behavior:Respect all people in a diverse community. Community:Prepare for adult life as productive, analytical, cooperative members of society.

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What is the highest rating given to a diamond?

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Asked by SaltandPepper2

The highest rating given to a top quality diamond is D-Flawless.

Can a Delaware LLC open a bank account in California?

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Asked by Hackingbear

NOT WITH EASE!....Thats something they don't tell you when you get a Delaware LLC. The only way you can open a bank account in California is the file as a Foreign Company doing business in California. California is one of the only states that require this. So... if you live in California it does not really pay to have a Delaware LLC because you still have to file in California as a foreign company.

What is the Address of the Bank of England?

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Asked by Wiki User

Bank of England

Threadneedle Street

London EC2R 8AH The Bank of England is sometimes known as 'The Old Lady of Threadneedle Street' because that is where it is situated.

Merchant account processing?

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Asked by Wiki User

There are 3 different options for merchant account processing. 1. 3rd Party Processors (Paypal, 2CO, etc.) 2. Local bank (your bank refers you to a MSP[merchant service provider] 3. Go directly through a MSP [merchant service provider] 1. While 3rd party processors have the benefit of working with any website because of their program where they put a link to payment and then return the customer once the transaction is complete, they have at least one universal flaw. The customer usually does not prefer to register with a payment provider and go through all the steps to verify their account before making the initial transaction. Once the customer is finished registering and verifying for paypal (ex.), they've probably forgotten what they came to your website to buy. There's something known as "impulse buying" which is the prominent reason people buy products online. Every step you take between gaining their interest and the finished transaction is a reduction of impulse (excitement). 2. Local Banks - Local and National banks both farm out their merchant accounts to processors who work with them to provide a real merchant account to you. Since everyone who opens a business usually opens a business checking account, they are on the front lines for referring you, which gains them a substantial cut in profits from whomever they choose to farm out your account to. As a result, the processor who they refer you to have to up the price dramatically to the merchant to make any profit. 3. Merchant Account Providers and Processors. - With a merchant account from a MSP, you can rest assured that you are getting a great price for your buck. The rates are usually lower because of lower overhead and direct rate consultation. If you are an e-commerce merchant and you have a shopping cart set-up, you are almost ready to go. Finding the right shopping cart takes time and understanding, however you can find free shopping carts if you look hard enough. Whether you are new to e-commerce or you are an experienced veteran, you know exactly how important your merchant account is to your business. Finding the right domain name, shopping cart, and content are one challenge in itself, then you need to find a cc processor. Many webmasters have been searching for an alternative to the norm after finding that most banks are charging twice as much as they should.