Yikes, I now realize that being a merchant is a lot of work. So I just finished with the General Contractor (GC) and Interior Designer with Feng Shui experience…good grief there is a lot to do…but I must say the GC and Designer are transforming a simple, dusty space into a magical and inviting store location.
Now it is late, I am hungry so I am going home to relax for a little bit and then look at MSPs…I still have the advertisement for US Bankcard Services, Inc. (USBSI)…U-S-B-S-I…yeah that has a nice ring to it…it stands out.
Still, why does my bank keep asking me about whether I want merchant service account?…Ahhh, the bank…setting up a corporate banking account, wow that’s not easy…and that’s a story for another day.
So I am going back and forth in my mind…MSP or Bank…what are the pros and cons?
Well, the banks rate for processing seems slightly lower than the average MSP, but the banks do seem to have a lot of extra fees and charges. Plus the Customer and Technical Support hours are very limited. My restaurant starts early and finishes late so limited or extra cost support is not good.
So let’s look at what separates an MSP like USBSI from the banks and other MSPs…
OK… relax time is over now, and I am looking at USBSI’s advertisement which reads:
- Value Added Service
- Do you want to SAVE Money?
- LOW Rates Starting at 1.29%
- Come Join the US Bankcard Services, Inc. Family!
- No Startup Cost
- No Application Fee
- No Programming Fee
- FREE CREDIT CARD MACHINE
- 24/7 Multilingual Support
- Next-day funding
- Chargeback assistance
- Next day Approval
- Innovative Solution
- Cutting Edge Technology
Wonderful, this is everything I am looking for! These are the ‘value adds’ that my Economics Professor spoke of. Better rates than the banks I went to. Plus, look at all the additional value added services. It is worth it for me to go through USBSI for merchant card processing.
They also have all major and niche card brands like They also have all major and niche card brands like:
China Union Pay
So here is what I need to get a Merchant Identification Number (MID):
Application Requirements for all businesses:
- Physical Location in the US Checking account with a bank located in America in the name of the business or the merchant account signer
- Explanation of business type (i.e.: LLC, Corporation, Sole Proprietorship, etc.)
- Federal Tax ID Number (EIN), Owner or Merchant Account signers SSN
- Owner or Merchant Account signer’s address information
- Product or Services being sold information, Intended method of accepting transactions (i.e.: swipe, internet, keyed, etc.)
- General business location type (i.e.: Shopping Center, Home Based, etc.)
- Copy of a voided check from merchants’ checking account.
Additional Requirements for some businesses:
- Exchange and Refund policies
- Marketing material (i.e.: business card, brochure, advertisement, etc.)
- Proof of State or Federal Business License
- Proof of business existence (i.e.: phone bill, utility bill, etc.)
- Proof or financial stability (i.e.: profit and loss statements, bank statements, etc.)
Requirements for all internet businesses:
- Active website with DBA of website listed on application
- Product delivery methods and time-frame clearly stated on website
- Product prices in US dollars
- Customer Service telephone number listed
- Secure checkout system
- Domain name registered to merchant
Goodness gracious…this seems like alot of effort. I am so glad USBSI could help me out…especially with overcoming the language barrier and my ignorance of American Law and business practice.
I will contact USBSI tomorrow and inquire about desk-top and mobile terminals… Oh yeah…and e-commerce set-ups…now it’s time for bed. Good night!
Merchant in America: Series Episode 1: From the Homeland to the New Land
Merchant in America: Series Episode 2: Long good-byes and short good buys
Merchant in America: The Series Episode 3: Rental Checklist
For innovation in the card industry or to find out more about your industry and our service, please call us at 888-525-8558 or on the web at www.usbsi.com.