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Frequently Asked Questions


Question

  • 1

    What is a CVV?

     

    Answer

    CVV is a card verification code is a set of numbers printed on the credit card but not encoded in the magnetic strip. This is an extra security measure to prevent an unscrupulous entiry from using the credit card information without having physical access to the card.

  • 2

    What if my business is not based in the United States?

     

    Answer

    In order for us to be able to help you, you need an address and a bank account in the United States.

  • 3

    Should I purchase or lease equipment?

     

    Answer

    Definitely purchase. Leasing will always cost you more in the long run. Most leases cannot be canceled and some don't offer a buyout option at the end.

  • 4

    What is a chargeback?

     

    Answer

    A chargeback is when a customer disputes a charge with their bank. The bank then contacts the credit card processor which in turn takes funds out of the merchant's bank account. The merchant is issued a letter from the processor for more information which is used to make a decision if the customer deserves a refund.

  • 5

    For how long can chargeback be issued?

     

    Answer

    A chargeback can be issued 6 months after the goods or services have been sold. In case of a service, a chargeback can be issued 6 months after the termination of such service. For example if a lasts a year, the customer can dispute the charge 1 year and 6 months since the service has begun.

  • 6

    Do I need to have great credit to be approved?

     

    Answer

    Credit rating is a factor when applying for a credit card processing account. Although it's not necessary to have good credit, it can help in the application process. Credit can become an issue if a seller has been terminated from processing in the past.

  • 7

    Can I combine statements for my online store and local retail store?

     

    Answer

    You surely can and without a doubt it is the best way to reduce unnecessary monthly fees.  When creating an online store, request an add-on service from your payment processing company.  What you need is to add a payment gateway to your current account.  This will certainly save you time, money and resources.

  • 8

    Is it safe to buy an used credit card machine?

     

    Answer

    There are 2 concerns when buying a used credit card machine.  First, make sure to choose a brand and a model that is compatible with your payment processing system.  Your payment processing company might refuse any technical support requests.  Second, when doing the software downloads onto your new used credit card machine, make sure the Merchant ID number associated with your account is verified with the machine ID number.

  • 9

    What is a payment gateway?

     

    Answer

    Payment gateway is an application that allows merchants to accept online payments and at the same time provides a platform for buyers to make purchases online.  This is basically the major component that creates what we call e-commerce.  A payment gateway usually takes 2-3 seconds to process a credit card transaction online.  It is currently the most commonly used option on the web.

  • 10

    I'm a new business, should I buy the equipment first, or apply for the merchant account first?

     

    Answer

    Depending on your business's needs, most of the equipment can be purchased at the same time while submitting the merchant account application.  It is not the best option to get the payment processing equipment from a different vendor because of incompatiability issues between hardware and software.  It's highly recommended that you should buy the credit card swiper and submit an application with the same payment processing company.

About CCMP

CCMP (Credit Card Merchant Processors) is a credit cards processing company offering payment processing services to most business types. The credit card process can be made simplified to make processing credit cards easier than ever before. By signing up with CCMP, all merchants receive customer technical support 24 hours a day, 7 days a week, with one of the largest payment processing leaders in the world. A merchants credit card processing platform is a key to running a streamlined business. Processing credit card transactions on a One Rate Network for Visa, Master and Discover cards. American Express set up is complimentary but may require seperate approval. Restrictions apply and may only be on approved credit.

Swiping risky transactions are a recipe for future problems. A credit card merchants believe is fraudulent, should be reported immediately. A credit card merchant account with CCMP can include possibly the ability to receive a free credit card swiper.

Question of the Week

What equipment should I get for a pet store?

Depending upon the application, many merchants running a 1 - 2 terminal setup usually like the large rolls of paper that the FD50 can handle. If a new business, in most cases, one terminal is sufficient. As business increases the option to scale up will always be available. To some merchants credit cards are vital to the success of the business and therefore the # of terminals is carefully considered.

*Apply now & Redeem $1,500 Web Design Voucher (Offer Restrictions): Minimum of three (3) year merchant account terms and account approval required for web design voucher validation. The voucher has no cash value and can only be redeemed with CCMP web design affiliate SKYGATE MEDIA (Norwalk CT). The value of Web Design Voucher is good through 6 (six) months from date of merchant account approval. No transfers. Web Design Voucher can be redeemed towards any web design products and services. Now you can build your business while processing credit cards.