Merchant Account Frequently Asked Questions
- What is an Merchant Account?
- What is a GeoAuthorize Merchant Account?
- Are there any special requirements to open a GeoAuthorize Merchant Account?
- Are there business types that are prohibited?
- What does it cost to apply for a GeoAuthorize Merchant Account?
- Do I have to be a current GeoCerts SSL customer to apply?
- How do I apply?
- What happens after I submit my merchant account application?
- What items will I be required to fax in after completing my online application?
- How long does it take to get approved?
- What percentage of businesses are approved?
- Does this mean I'll have to open another bank account?
- How does the card processing 2.19% discount rate work?
- How does the $25.00 monthly minimum work?
- What credit cards and payment types are supported?
- How do I add Amex and Discover?
- What is the processing discount rate for Amex and Discover?
- What is Authorize.Net?
- What is a payment gateway?
- What's the difference between a Merchant Account and a Payment Gateway? Do I need both?
- What does Authorize.Net do?
- Where does Authorize.Net fit in the credit card payments process?
- How do I connect my Web site to Authorize.Net?
- What does an Authorize.Net Payment Gateway account include?
- What is the Merchant Interface?
- What is the Virtual Terminal?
- What is Batch Upload?
- What is eCheck.Net®? How do I sign up for it?
- What is Automated Recurring Billing™ (ARB)?
What is a Merchant Account?
A merchant account is a type of bank account that allows merchants to collect proceeds from consumer bank account or credit card payment transactions. When you open a GeoAuthorize Merchant Account it is tied to your existing personal or business bank account. You do not have to open a new bank account.
What is a GeoAuthorize™ Merchant Account?
GeoAuthorize is a combination merchant account and payment gateway from Authorize.Net. A GeoAuthorize Merchant Account will allow you to process all major credit cards in real time from your Web site or call center.
Are there any special requirements to open a GeoAuthorize Merchant Account?
To get started you must be the principal owner of the business and have the following information:
- Business located within the United States of America*
- U.S. Federal Tax ID# (For Corporations)
- U.S. Social Security Number of the principal signer
- U.S. checking account and routing numbers
- One trade reference including phone (a company you purchase goods or services from)
- You must be 18 or older to be eligible to apply for an Internet Certified merchant account
* Unfortunately, our underwriting will not allow us to offer merchant account services to our international customers at this time.
Are there business types that are prohibited?
Yes, some types of businesses/Industries are prohibited while others might be considered high risk. See the current list of high-risk and prohibited merchants.
What does it cost to apply for a GeoAuthorize Merchant Account?
It cost nothing to apply. All application fees have been waived.
Do I have to be a current GeoCerts SSL customer to apply?
You do not have to be a current GeoCerts SSL customer to apply.
How do I apply?
The application process is available to you anytime. You can apply online right now.
What happens after I submit my merchant account application?
After completing the online application you will instantly be presented with:
- The CARDHOLDER ELECTRONIC DATA STORAGE COMPLIANCE FORM.
- Your Congratulations page with your Schedule of Fees, Merchant ID Number(MID) and Toll Free Customer Support number.
The Congratulations
page will contain detailed instructions on how to proceed. You
will also be assigned an account representative. Your account rep
will contact you to answer questions and to help you through the
rest of the application process.
What items will I be required to fax in after completing my online application?
After you finish the online application you will need to:
- Print and initial the CARDHOLDER ELECTRONIC DATA STORAGE COMPLIANCE FORM
- Print, Sign (twice) your Congratulations page
Fax these items to the fax number on the Congratulation page along with a Voided Check. If you currently have a Merchant Account from another provider for this business, in order to EXPEDITE approval, please also fax your complete Visa/MC statements from previous three (3) months.
How long does it take to get approved?
The standard underwriting timeframe is about three days for approval.
What percentage of businesses are approved?
About 85% of all applicants are approved for a GeoAuthorize merchant account.
Does this mean I'll have to open another bank account?
No. You keep your existing bank account. Settlement funds will be automatically transferred to the personal or business checking account of your choice.
How does the card processing 2.19% discount rate work?
The discount rate is the fee that merchant account providers charge to process your customer’s Visa and MasterCard purchases through the credit card interchange.
For example, if you charge your customer $100 for a Visa and MasterCard purchase through your online store, the discount fee to process that charge would be $2.19.
How does the $25.00 monthly minimum work?
There is a $25.00 Monthly Processing Minimum on every merchant account. This is the minimum amount you must pay each month for your Visa/MasterCard processing fees. The monthly minimum applies to your Visa/MasterCard processing fees only.
Example: If you sell $1200 in goods or services during a month, your total Visa/MasterCard processing fees would be $26.28 based on a rate of 2.19%, so will have met your monthly minimum.
What credit cards and payment types are supported?
GeoAuthorize supports all major credit cards: Visa, MasterCard, Discover, American Express, Japan Credit Bureau (JCB), Diner’s Club, eCheck.Net®, and Automated Recurring Billing (ARB).
How do I add Amex and Discover?
Both Amex and Discover Cards have their own application process. We make it easy for you to apply for Amex and Discover by integrating into our online application.
What’s the processing discount rate for Amex and Discover?
Amex and Discover determine their own processing discount rates based on factors such as what you’re selling, expected sales volume, etc. Amex and Discover will advise you of the discount rate they have set for you.
What is Authorize.Net?
Authorize.Net is the preferred payment gateway used by merchants for managing payment transactions using the power and speed of the Internet. More than 150,000 merchants trust Authorize.Net to handle millions of transactions securely and reliably. See How It Works.
What is a payment gateway?
A payment gateway, such as Authorize.Net, is a complex system of computer technologies and processes that allow merchants to electronically submit payment transactions to the payment processing networks via the Internet. More specifically, payment gateways provide the necessary Internet infrastructure that enables merchants to accept credit card and electronic check payments from Web sites.
What's the difference between a Merchant Account Provider and a Payment Gateway? Do I need both?
A payment gateway, such as Authorize.Net, provides a way for you to send credit card data over the Internet and to receive authorization data back. Think of the payment gateway as the "switchboard" between your web site and your customer’s credit card issuer. A Merchant Account Provider works with the payment gateway, the customer’s credit card issuer, and the credit card interchange to manage the processing, clearing, and settlement of credit card transactions. If you want to process credit cards online, you need a payment gateway and a merchant account. We provide both in one easy package.
What does Authorize.Net do?
Authorize.Net facilitates the submission and routing of credit card and eCheck.Net® payment transactions on behalf of its client merchants to the processing networks in real-time—24 hours a day, seven days a week. See How It Works.
Where does Authorize.Net fit in the credit card payments process?
In the credit card payments process, Authorize.Net sits between the merchant and the payment processing entity that does business with the merchant’s bank. Authorize.Net also has a relationship with the Merchant Account Provider, which allows Authorize.Net to pass transaction information on behalf of the merchant via the Internet. See How It Works.
How do I connect my Web site to Authorize.Net?
You have several choices. Most shopping carts integrate seamlessly to the Authorize.Net gateway. You plug in your username and password and you're ready. You may also choose to use the Authorize.Net API. Using the API your web site developer can write his or her own scripts using popular programming languages such as PHP, Perl, Cold Fusion, ASP, and Java or use any number of available third-party integration scripts.
What does an Authorize.Net Payment Gateway account include?
A standard Authorize.Net Payment Gateway account includes the following:
- Merchant Interface – A password-protected Web site that allows merchants to manage transactions, change security and account settings, and generate reports.
- Virtual Terminal – Included in the Merchant Interface, the Virtual Terminal allows merchants to manually key in and submit transactions easily and quickly.
- Batch Upload – Included in the Merchant Interface, the Batch Upload feature allows merchants to upload multiple transactions at once and facilitates uploads from a spreadsheet or proprietary business application.
- Address Verification Service (AVS) – A fraud prevention tool that allows merchants to filter transactions that are submitted with billing addresses that do not match the cardholder’s billing address on file at the card issuing bank.
- Card Code Verification (CCV) – A fraud prevention tool that allows merchants to filter transactions that are submitted with a card code that does not match the cardholder’s card code on file at the issuing bank.
- Free Customer Support – Authorize.Net provides live technical and account support seven days a week, as well as access to online documentation and user guides.
What is the Merchant Interface?
The Merchant Interface is a password-protected Authorize.Net Web site that allows merchants to manage transactions, change security and account settings, generate reports, and sign up for value-adding products.
What is the Virtual Terminal?
The Virtual Terminal is a feature of the Merchant Interface that allows merchants to manually key in and submit transactions easily and quickly. The Virtual Terminal is ideal for merchants that take orders via mail order or telephone order (MOTO).
What is Batch Upload?
Batch Upload is a feature of the Merchant Interface that allows merchants to upload multiple transactions at a time from a spreadsheet or proprietary business application.
What is eCheck.Net®? How do I sign up for it?
Authorize.Net’s exclusive electronic check payment solution, eCheck.Net®, allows merchants to post charge and refund transactions directly to a customer’s bank account from your Web site. Once we assign you your Authorize.Net gateway account you can sign up for eCheck.Net through the Authorize.Net Merchant Interface.
Learn more in the eCheck.Net user's guide.
What is Automated Recurring Billing™ (ARB)?
ARB is an Authorize.Net value-add product that allows Web and MOTO merchants to create a recurring billing schedule or “subscription” for the purchase of goods or services. Merchants enter transactions and customer billing information, specify a billing amount and billing interval and ARB does the rest—automatically generating subsequent transactions for the duration of the subscription. Once we assign you your Authorize.Net gateway account you can sign up for ARB through the Authorize.Net Merchant Interface.
Learn more in the ARB data sheet.
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