Can't I just go to my bank to set up a merchant account?
Probably, however, while many banks and credit unions offer merchant services to their customers, most simply outsource their merchant services to a processor like DMS. Banks are in the business of earning interest on accounts and loans, not processing credit card transactions. They typically offer all sorts of value-added services such as payroll services, roadside assistance services and more with the intention of being able to earn more loyalty from their clients. Banks share revenue with whatever 3rd party processor that they partner with too, which means that many times you will pay more with a bank because of undisclosed "middle-man" costs. There are no real advantages to going through your banking institution for merchant processing services as long as you make sure that you are dealing with a reputable processor. As a matter of fact, aside from the cost benefit of going direct with a processor like DMS, you will receive better service with your merchant account. Bank staff and tellers are ill-equipped to handle terminal hardware issues and they don't have direct access to your transaction data. If you call your bank, they will typically re-route your call to the actual processor, which actually delays getting the assistance you need.
How do I apply for services with DMS?
Call or contact us online.
How long does the approval process take?
Once we have collected all of the necessary application documents, we approve most accounts within 1 business day. Once your merchant account is approved, we will contact you and schedule your installation.
What are your rates and fees?
That's a great question! We have several programs so call us and we will have a professional representative (specialist) customize a package that best suits your business needs.
Do you ever raise your processing fees?
If you are set up on an interchange pass-through pricing structure, you will never see an increase in the markup that we are charging you for our processing services. You will, however, have any increases, decreases, or cost changes passed through to you that are the result of new industry regulations or changes made to the fee structures by Visa, Mastercard and the other card networks. If you are processing with us on a tiered pricing structure, we always do our best to ensure that any increases are passed along to you for only the approximate amount of the actual increase in cost. We will always notify you in writing prior to changing any of the fees that you will pay.
What business types are accepted?
We accept most all business types, including high risk.
If I have bad credit, operate a "High Risk Business" or have no processing history, will I be accepted?
In most cases, we can accept just about anyone with less than stellar credit, little or no processing history or a high risk business type. With our programs, we can underwrite high risk and bad credit accounts 98% of the time.
Do I need a business license?
We generally need to collect a copy of your business license or resellers certificate. If you are a sole proprietor, we can generally accept a photocopy of a drivers license or state ID in lieu of a business license.
Do I need a business checking account?
If you are a corporation, LLC or partnership, then we require a business checking account. Sole proprietors can use a personal checking account or a business checking account.
What types of credit cards will I be able to accept?
You can accept all major credit cards. If you do not wish to accept American Express or ATM debit cards that is completely up to you.
How will I get my money?
After you “settle” your terminal, you can expect the funds to be electronically deposited into your checking account within 1 to 2 business days. Funding time can depend on multiple factors, including the banking institution that you have your account with.
How do you bill me for your services?
Typically, we bill our clients once per month for their previous months processing fees. The fees are collected electronically from your bank account at the beginning of the month.
How can I review my fees?
We send out detailed statements each month via USPS mail. Additionally, we provide online reporting capability and you can download an exact PDF copy of your paper statement any time you wish.
Is there a telephone number that I can call if I need help with my account?