What is Merchant Services?
Merchant Services provides the ability to accept credit and debit cards for payment. However, Sterling’s services also include gift cards, check protection services, terminal support and sales, PIN pads (debit), and everything that goes with accepting card-based payments at your business.
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How quickly can I get a merchant account?
Once your application is received, allow us 5 to 10 business days to approve the application, load the account on our system, prepare the terminal, and deliver your starter kit and any necessary equipment to you.
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Is there an approval process or is my application accepted upon receipt?
There is a credit review and underwriting process with all applications. A personal credit bureau file will be pulled for owners and individuals listed on the application. Some business types may require additional information, such as financial statements, balance sheets, and tax returns.
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What cards will I be able to accept?
Visa
® and MasterCard
® are included in the account. Additional card types, such as American Express
®, Discover
®, JCB, and others can be added to your account upon request. If you already accept these cards, include the existing merchant numbers on the Merchant Services Application and we will include them in your account set up.
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Can I accept debit cards?
Yes, as long as the debit card has a Visa
® or MasterCard
® logo. You can also accept ATM or PIN-based debit cards with the correct equipment (PIN Pad) and terminal programming. A Sterling Merchant Services representative can help you determine if PIN-based debit is right for your business.
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Will I be able to accept business, corporate, and purchasing cards?
Yes, as long as the card has the Visa
® or MasterCard
® logo you can process the transaction like any other credit. Certain card types may require you to input additional information such as tax amount, invoice numbers, and customer codes.
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What other products might benefit my business?
Sterling Merchant Services also offers gift cards and check services.
- Gift Card processing can be a valuable tool to increase sales and expand your business.
- Check verification can help protect your business if you have high check losses or are worried about the payment or collection on checks you receive.
A Sterling Merchant Services representative can assist you in determining if these products are right for your business.
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What types of processing are available?
All processing is electronic. Options include point-of-sale terminals, software, touch-tone, Internet, or virtual terminals. A Sterling Merchant Services representative can help you determine which type is right for your business.
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Do I take my receipts to the bank to receive credit?
Everything is electronically transmitted by your terminal. Once “batched” or “settled,” which should be done daily, you will receive a credit to your checking account in 2 business days. You maintain receipts for your records and it is recommended that you keep all receipts for 3 years.
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Once a card is approved am I guaranteed payment?
You will receive payment for approved transactions after settling your terminal for the day. However, the cardholder may dispute or “chargeback” a transaction for a variety of reasons. There are steps you can take to minimize your chargeback risk. You will receive information on reducing such risk in your welcome kit and Sterling Merchant Services works with our merchants to prevent chargebacks.
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If I receive a chargeback, what happens?
In most cases, you will receive a notice by fax or mail informing you of the chargeback and the steps you need to take to resolve the issue. Usually your checking account will be charged for the chargeback amount during the dispute. If you win, the funds will be credited back to your account upon resolution.
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Are all transactions priced the same?
Sterling Savings Bank offers a variety of pricing structures, based on your processing needs. Generally, the least expensive transactions are where the card is present and swiped through the terminal. Key-entered transactions and transactions involving business cards generally are more expensive. Complete pricing disclosures are included in your application, or consult a Sterling Merchant Services representative for pricing details.
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What is a “discount rate”?
A discount rate is the cost of processing a transaction and is paid by you, the merchant. For example: On a $100 sale, if your discount rate is 2% plus $0.20 per transaction, you would pay $2.20 (100 x 0.02 + 20 cents) to process the transaction, leaving you a net of $97.80 on that sale.
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How am I charged these fees?
You receive full credit at the time of sale. In the example above, you would receive a deposit to your account for $100. At month-end all processing charges (such as discount rate, per item charges, monthly fees, rental fees) are added together and charged to your account around the third day of the following month.
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If these transactions cost me money, why would I accept cards?
If you are inquiring about merchant services, it is likely that your customers are demanding it. Being able to accept payment in the method your customers prefer helps you increase the number of sales and increase the average dollar amount of individual sales. Successful merchants will tell you that they include the cost of processing in the cost of goods when calculating prices for their merchandise.
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Can I charge an additional fee for people who want to pay with cards?
Visa
® and MasterCard
® prohibit this action and it would be a violation of your Merchant Agreement with Sterling Savings Bank. Additionally, studies have shown merchants who add a “surcharge” or “convenience fee” for processing have reduced their sales as cardholders take their business elsewhere.
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Can I set a minimum charge to accept cards?
This is also prohibited by Visa
® and MasterCard
® and would be a violation of your Merchant Agreement.
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Do I have to purchase a terminal or can I rent or lease one?
Sterling sells and rents a variety of terminals depending on your needs. Most terminals sell between $400 and $600 and rent between $25 and $35 monthly. Sterling Savings Bank does not lease terminals and suggests you be wary of any merchant company or bank offering you a terminal lease.
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I have an existing terminal, can I use it?
Yes, most terminals are compatible with Sterling’s processing system. A Sterling Merchant Services representative can help you determine if your terminal is compatible with our system.
Note: PIN Pads (debit) always require a swap because of the internal encoding on them. If you already own a compatible PIN pad we will swap it out for you at no charge.
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Does a terminal require a dedicated phone line?
It may not be required, but a dedicated line is recommended. In some cases you may use an existing fax line. In addition, newer terminals communicate through the Internet and can utilize high-speed DSL or cable modem, thereby eliminating the need for a phone line.
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If I purchase or rent a terminal, what warranty is included?
When purchasing a terminal from Sterling, a 1-year manufacturer’s warranty is included and every effort will be made to replace the terminal or provide a loaner as quickly as possible if repairs are ever needed.
When you rent a terminal from Sterling and that terminal malfunctions, we will repair or replace it, usually within 1 business day, at no cost to you.
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How do I get my equipment and how will I be trained to use it?
Once approved, if you purchase or rent equipment from Sterling we will program and ship your equipment and welcome kit to your business by 2-day express mail. In anticipation of receiving your equipment, our welcome center will have contacted you and set an appointment to walk you through set-up and training over the phone. If you have your own equipment, our welcome center will contact you to schedule a download and training.
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If I have problems with my terminal or account, who do I contact?
The Sterling Merchant Services help desk is available 24 hours a day, 7 days a week to assist you with any terminal, technical, or account questions. Additionally, the Merchant Services department can be reached during normal business hours at (866) 724-2606.
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How do I process transactions if the power or phone lines are out?
Sterling Savings bank provides a back-up phone number to call for authorizations. Once power or phones are restored, you can input the transactions and authorization codes into the terminal for settlement.
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Do I get a statement of my merchant account activity?
Absolutely! You get a monthly statement mailed to you that includes activity summaries and a breakdown of any fees. In addition, Sterling provides online reporting to all merchants at no additional cost. The online reports provide detailed information from monthly and batch totals to individual transaction details.
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How do I find out about detail on my account?
Sterling provides convenient online access, around the clock phone support, and monthly statements to provide you with details and to assist with reconciling your merchant account.
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Can I be assured that all data is secure?
Visa
®and MasterCard
® require very strict data security and Sterling, along with our processor, comply above and beyond the minimum requirements to ensure your transactions are secured and you are not putting your cardholder at risk. Data security begins with the merchant and Sterling Merchant Services is available to assist you in making sure you are in compliance with all payment card industry requirements for cardholder-data security.
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