What To Look For
Finding the right account
Knowing more about the Visa acceptance process will help you identify the account that works best for you. Before you sign a processing contract with a financial institution, ask yourself the following questions:
|1.||How well do I know the financial institution I’m doing business with?|
Member financial institutions either sell directly to merchants or hire agents to sell for them. However, these agents must be registered with Visa. The contract you sign should have the name of the bank clearly identified.
|2.||What are the typical kinds of fees for Visa processing?|
|3.||Should I rent, buy, or lease a draft capture terminal?|
Calculate the long-term costs and any need to repair or replace the unit. Consider whether or not it can be upgraded to accommodate new technologies.
|4.||How often will funds be credited to my business account for my sales?|
|5.||How many days will elapse from customer purchase to account funding date?|
|6.||Am I required to have a certain percentage of my sales dollars or specific dollar amounts held by the financial institution? If so, what is it and how is it determined?|
|7.||Who is my contact for settlement and customer dispute issues?|
|8.||Who is my contact for terminal replacement or repair?|
|9.||How long do I have to store my receipts?|