Frequently Asked Questions 

Signature Payments’ Knowledge Hub

 

 

FAQs

Frequently Asked Questions About Merchant Services

Answers to all your merchant services FAQs. 

Merchant Account FAQs

What is a merchant account?

The most basic frequently asked question is also one of the most important. What is a merchant account? A merchant account enables you to process credit and debit cards for your business. When a customer pays for a product or service with a credit card, the funds are first deposited into the merchant account and from there  transferred to the business bank account.

How do I apply?

You can apply here.

Do I need a business license?

 Depending on your business type and legal entity, a business license may be required. If you are a sole proprietor, you may use either your business or personal checking account.

What if I have less than perfect credit?

 Technically, your personal credit score does not affect your merchant account rates. However, your creditworthiness may determine your merchant application approval depending on business type and other factors.

Do I need to enter a contract to accept credit cards?
Yes. Like all merchants that process credit cards in the United States, your ability to accept credit cards is contractual.
Once I run a charge, how long does it take for the money to show up in my business checking account?
There are many factors that can determine when you receive these funds, including your business type, the method by which you accept credit card payments from your customers, when you close your deposit batches, as well as posting policies of your bank, to name a few.
Can I process with Signature Payments if I am not a U.S business?

 You must have a US business address and a US bank account to process with Signature Payments.

What kind of credit cards and payments can I accept?
The ability to accept all card types gives you a competitive advantage and adding AMEX to your card acceptance options is a wise business decision. To apply for AMEX, you can either call our Customer Service department at 800-631-3072 or you can log into our online Merchant Resource Center here at merchantinfo.com. A merchant account allows you to securely accept a wide variety of payment types including Mastercard®, Visa®, American Express®, Discover®, debit cards, mobile wallet, checks, and EBT.

Fees 

What is a monthly minimum?
Great question! A monthly minimum fee is the minimum amount of fees that Signature Payments will charge if you don’t process any credit card transactions in a given month.
What are Interchange fees?
Interchange is a fee charged to you by your payment processor and paid to the bank that issued the card. Interchange fees are usually stated as a percentage of the total transaction plus a flat charge per transaction. The payment processor doesn’t receive any revenue from interchange fees, and interchange rates are the same across processors.
What are processing fees?

Another of the most frequently asked question is about fees. Processing fess are the fees charged by the payment processor to the merchant in exchange for card processing services.

How do I review my processing fees?
With Signature Payments, your monthly statements are conveniently available via our online Merchant Resource Center located at www.merchantinfo.com.

Support

Can I contact customer support if I need help?

 Yes! Our customer support team is available to answer your questions from 6am to 6pm PST. We also have after hours support numbers to assist you outside of those times.

Will I receive a statement?

Statements are available 24 hours a day, 7 days a week online at the online merchant center.

Processing Transactions

Can I use a smartphone or tablet to process credit cards?

Signature Payment offers processing solutions that allow businesses of all sizes to accept payments with a tablet or smartphone. You can consolidate all of your payment acceptance methods – cash, checks, credit and debit – into one system that processes transactions through a single gateway, giving you real-time access to all your payments from any location – in-store, online or mobile.

Can I verify credit cards over the phone?

After activation, you’ll be provided with the necessary numbers and instructions for voice authorization approvals when needed.

Do you provide a shopping cart?

We offer solutions that integrate with a variety of shopping carts including Shopify, Ecwid, WooCommerce and Magento. 

What hardware do you support?

We support hardware from the top manufactures. For details on the products and services we offer visit our Solutions page.

Terminology FAQs 

What is CVC, CVV2 or CID codes?
The CVC or CVV2 is a three-digit code following the signature box on the back of VISA, Mastercard or Discover Cards. This code is an additional layer of protection in preventing credit card fraud. CID is a similar, four-digit code for American Express cards and it is located on the front of the card.
What is settlement?
Settlement or settling a batch is the process through which a merchant receives their funds for a transaction with a customer. It is the exchange of funds between a card issuer and an acquiring bank to complete a cleared transaction and the payment to a merchant for the amount of each card sale that has been submitted into the network.
What are chargebacks and how will they affect my business?
A chargeback occurs when a consumer makes a purchase and afterwards disputes or questions the charge with their bankcard issuer. Usually, this happens because the customer is unable to resolve the issue with the merchant. The bankcard issuer then contacts the processor (Signature) and the processor in turn requests that the merchant provide documentation related to the disputed transaction. The burden of proof lies on the merchant to verify the validity of the transaction and the satisfactory delivery of service or product. The merchant must respond in ten business days to verify the purchase. Chargebacks can affect your business because they cost you time and money. They could also negatively impact your processing reputation and limit your ability to accept credit cards.
What is PCI?

PCI stands for Payment Card Industry. The PCI Data Security Standards are payment card network and industry mandated requirements for handling of credit card information, classification of merchants, and validation of merchant compliance. Merchants are responsible for the security of cardholder data for any damages or liability that may occur as a result of a data security breach or other non-compliance with the PCI Data Security Standards. 

What is cardholder data?

Cardholder data is any personally identifiable data associated with a cardholder. This could be an account number, expiration date, name, address, social security number, etc. The PCI Data Security Standards apply to all cardholder data stored, processed, or transmitted.

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