Choosing a card acceptance account
Acquiring banks offer a variety of card
acceptance accounts to suit different merchants.
There are a number of factors that may influence your choice of
acceptance account. To help you make the right decision we’ve put
together a number of questions that you should ask yourself before
you sign a contract with an acquiring bank.
Banking partner
- How well do I know the financial institution I’m thinking of
doing business with?
- Do I deal directly with the financial institution or is it
through a third party?
Fees
- What are the typical fees for card processing? (research
per-item fees, discounted fees by volume, statement fees,
chargeback processing fees and so on)
Equipment
- Should I buy, rent or lease point-of-sale equipment? (consider
upfront costs, arrangements for repairing or replacing broken
equipment and whether obsolete hardware can easily be
upgraded)
Signage
- What signage, marketing and promotional materials are
available?
Crediting of funds
- How many days will pass between a customer making a purchase
and the funds reaching my account?
- How often will funds be credited to my account?
Support
- Where can I turn for support in the event of a settlement query
or customer dispute?
- What support is available for queries about terminal
malfunctions, repairs or upgrades?
- What training support is available?