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Do I need to have my checking account at Bank of America?
No. The merchant funds can be electronically debited and credited
to the financial institution of your choice.
How long does it take to get a merchant number?
It takes two to three weeks from the time a completed application
package is received. The application package is reviewed and evaluated,
taking into consideration the credit and financial strength of the
business, how the credit card will be accepted, the return/refund
policy of the company, what products or services are sold, and other
things that take time to review.
Why do we need to provide financial information such as financial
statements and/or tax returns?
The financial strength of the business is important because of the
risk associated with credit card processing. Your business checking
account is credited within three business days for sales that are
processed. Every cardholder has up to 180 days to dispute a sale
or service. Your account may be debited if a valid cardholder dispute
is made.
How do I get my money?
An electronic credit or debit is processed through the Automated
Clearing House (ACH) to the business checking account you designate.
Do I get a separate statement?
Yes. A separate merchant statement will be mailed within the first
10 days of the month detailing your activity and fees for the previous
month. You may view your daily and monthly activity by signing up
for the online statement option.
How will I know that I am approved?
You will be sent a welcome letter and start up kit with your merchant
number, processing information and estimated time for programming
or the delivery of your equipment/software.
How much does it cost?
The rates and fees charged vary from merchant to merchant based
on the processing type used, total credit card volume, average ticket
size and the number of transactions processed.
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Privacy & Security | Terms of Use
© 2008 Bank of America Corporation. All rights reserved. Bank of America,
N.A., LaSalle Bank N.A., and LaSalle Bank Midwest N.A. Members FDIC.
Equal Housing Lenders. Equal Opportunity Lenders.
PLEASE NOTE: LaSalle products may not be able to be serviced at Bank of America banking centers or through BankofAmerica.com until late 2008. |
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