FAQ
Frequently Asked Questions
What is a Merchant Account?
A Merchant Account is an account with a MC / VISA Acquiring Bank that you must have to accept MC/VISA credit cards, debit cards, electronic checks, gift cards, and other payment methods. SPI will establish a merchant account on your behalf as part of our initial setup process.Will changing my merchant account to SPI cost me more than my current provider?
No. In most cases we insure that your rates will not change. If our analysis verifies that your rates are high, you will receive lower rates and that is another reason to use SPI!What is the typical cost?
When SPI establishes your account we will analyze your specific MC / VISA Volume and Average Ticket Size to establish discount rates and transaction fees. Configuration, transaction testing, training and ongoing technical troubleshooting with SPI is FREE for the life of your merchant account.Will changing my merchant account require me to change my banking relationship?
Absolutely not! SPI will work with the depository account of your choice.Can you describe the application and set-up process? How long does the set-up take?
Normally your account can be approved and processing sales within two days. We will email or fax you a proposal that includes an easy to complete two-page application questionnaire. Just complete it and fax to us. We'll contact you for a couple of additional items needed for the application package. We'll include a checklist of things you'll need to finish getting your account live and ready to go. Once your application is approved a technical representative from your account team contacts you to begin the installation/configuration process.What are the requirements to open a merchant account?
You will need to complete out application. Depending on various criteria, you may be asked for personal information, a guarantor signature, samples of your advertising and/or other business verification materials (i.e. business license).Do you accept all types of merchants?
Most merchants qualify. You must have a bank account in the United States and a Federal Tax ID Number. Some types of businesses are ineligible for our services, including foreign businesses that do not meet these criteria and those involved with gambling, X-Rated content, drug paraphernalia, and other restricted or prohibited category merchants.Will someone help me install my equipment or software?
Yes! Our technicians at SPI walk you through the entire configuration and testing process so you'll be up and running in no time. We work hard to make it easy for you.Who do I call for technical support and banking inquiries? What are your hours?
SPI provides a Customer Service Group for all Banking, Transaction Issues, and Technical Support - 24/7/365. In addition, we provide our clients with a Support Pager for Technical Service available anytime!What credit cards can I accept?
Common cards accepted are Visa, MasterCard, American Express, Discover, JCB, and Diners Club.When can I expect money from my credit card sales to be available in my bank account?
Electronic processing enables banks to process transactions and credit your account quickly and efficiently. Funds are usually deposited in your business checking account within two business days after you've batched your daily business. We suggest you check with your bank on its policy regarding availability of deposited funds.How does SPI make money?
We earn our income by providing service and support for merchant accounts, we add no additional layer of cost. For the same rate & fees you pay a simple "data processor" you get the added benefits of SPI - Knowledgeable Technical Support, Customer Service, Installation, Integration, Configuration, Testing, Training, Troubleshooting, and Fraud Monitoring - without any additional charge.Why is SPI recommended by my software developer over local providers?
For more than 10 years, SPI has joined forces with many software developers to integrate electronic payment processing with their software applications. Developers experience first-hand the depth of our technical expertise, our specialized support and our unwavering commitment to customer service, and are confident that SPI will provide their customers with the same legendary, knowledgeable support.What types of processing solutions are available?
There are three different credit card processing options:- Integrated Software - Many software companies with industry-specific applications (e.g. restaurants and dry cleaners) have worked with SPI to integrate a special software program that transmits the payment transaction from their application software to the card networks (e.g. Visa, MasterCard, Discover). With integrated software, productivity and efficiency is improved with features such as batch processing, multiple merchant accounts, simultaneous transactions, import/export data, maintaining customer databases (for recurring and installment billing), improved reports and monitoring transactions for fraud.
- Online Gateway - SPI has online payment gateways that are used for "live" payment processing for Web Sites. In addition, they may be used for manual processing of payments.
- Traditional Credit Card Terminal - A terminal is commonly used when merchants do not utilize PC-based systems. Card present and card not present sales are processed through a POS terminal. Terminals are limited to authorizing one sale at a time, provide only simple paper reports, and generally use dial-up connectivity. In addition, High-Speed credit card terminals are available that will use your High-Speed Cable, DSL and Satellite connections.
