Better Price Group

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Merchant Services FAQ

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Q: How Do I Obtain a Merchant Services Account?

A: Simply contact us and we arrange for a business advisor to assess your business and provide you with the most competitive quote available.

This can be done either in person or if you prefer over the phone. All that you will require is a business bank account, where your funds will be transferred. We will provide all pre-populated documentation required for the merchant services account, and will talk you through the process to ensure total transparency.

Once our applications are submitted to the acquiring bank they are usually approved within 24hrs, at which point we will supply you with a state of the art card processing terminal.
 

Q: Are Card Terminal Transactions Secure?

A: All of the card terminals that we supply are PCI PTS V3 certified, basically the most secure terminal in the market place today.

No matter how you conduct your transactions there are certain security features required, such as chip & pin 4 digit passwords, CVC & address verification and for e-commerce there is 3D security.

All transactions are processed over an encrypted network, and no data is ever stored on your terminal, you will also be protected against fraud by completing your annual compliance questionnaire.

Q: What is PCI DSS Compliance?

A: Payment Card Industry Data Security Standard is legislation set by all the major card schemes – VISA, Mastercard, AMEX, JCB etc which dictates how cardholder data on your merchant receipts must be handled. All cardholder data must be stored securely and then destroyed when no longer required.

All that is required by any merchant account holder is to complete a simple PCI questionnaire on an annual basis and this will ensure you are protected from any fines handed out by the card schemes should an act of card fraud be committed against your business.

Q: Are My Rates Guaranteed?

A: Any account set up through us will be offered the lowest processing charges available in today’s market. We will not increase your rates and should a competitor offer you a better offer, then we would always match the offer quoted or lower your rates even further if possible.

We do not have any hidden charges, what you agree with our business advisers is what you will be charged on a monthly basis, which will be purely dependent on your card turnover and type of transaction.

Q: How Can I view My Merchant Statements?

A: As we work with more than one acquiring bank you can view your merchant statement in a variety of ways. We strongly recommend you use our acquirer’s online facilities, which will enable you to keep track of your transactions 24hrs a day, 7 days a week. Alternatively a merchant statement can be issued on a monthly basis should you so desire.

Please speak with our customer service department if you require any assistance in accessing your online merchant account facility

Q: How Long Does It Take For Card Transactions To Hit My Account?

A: Strictly speaking all acquiring banks operate on what is referred to as a T+3, which means once your terminal has completed it’s end of day function then the transactions from that day will be in your business bank account 3 working days later. However for our Elavon customers who also bank with Santander then cleared fund are available within 24 hrs!

Q: Will My Terminal Automatically End Of Day?

A: Every new terminal that we supply can be set up to conduct it’s end of day function at whatever time you desire