Total Payment Systems, Serving Businesses from Coast to Coast

Frequently Asked Questions


HOW DO I ACCEPT CREDIT CARDS IN MY BUSINESS?

You will need a Merchant Account. With a merchant account you can establish merchant numbers with Visa, Mastercard, American Express, Discover and/or Diners.

HOW DO I ESTABLISH A MERCHANT ACCOUNT?

TPS is your one stop merchant service provider. Once we are selected to support your merchant account we will prepare everything you will need to open your account and obtain merchant numbers from the providers you choose to accept.

WHY IS THERE SUCH A WIDE RANGE OF PRICING FROM DIFFERENT PROVIDERS?

Be cautious of what looks to good to be true---it probably is not. All merchant service providers pay Visa and Mastercard the exact same "Interchange"----the cost providers pay the Bankcard system. Be certain you know ALL your costs going in, not just the attractive swiped discount.

WHAT OTHER COSTS ARE THERE RELATED TO ACCEPTING BANKCARDS?

Bankcard pricing has over 22 levels with downgrades depending on if the sale was swiped, hand keyed and when it is settled. Hand keyed sales have additional requirements that must be reported with the sale to insure you have the best rates available.

ONCE QUOTED A RATE I'M ALL SET, RIGHT?

Wrong. Many providers will quote an unbelievable rate that is nothing more than advertising. You need to know how long the rate quoted is guaranteed and under what circumstances if any could your rate increase.

AFTER A CREDIT CARD TRANSACTION IS PROCESSED AND WE RECEIVE AN APPROVAL NUMBER THE SALE IS GUARANTEED?

NO. With the approval number in your settlement funds will be transferred to your bank. The card holder, however, has certain rights under which he can file for a "Chargeback", have the sale reversed. Your merchant service provider should be ready to defend your rights and coach you on how your sales can be protected.

HOW DO I RECEIVE COMPENSATION FOR MY CREDIT CARD SALES?

Most providers will deposit funds in the bank of your choice. Be very cautious of those that require you to open an account with them.

WHAT IF I HAVE PROBLEMS WITH MY TERMINAL, SOFTWARE OF GATEWAY?

Only work with a merchant service provider who will help you with equipment failure; and one who is ready to supply you with equipment while yours is being repaired. TPS offers this service at no cost to you other than shipping.


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