FAQ:  Please call our main office or any of our Merchant Advisor's for more specific answers to any of your questions @ 1-860-774-8210.  

Obtaining a brand new merchant account, or switching merchant service providers is a relatively simple process.  At Capital Bankcard-New England, LLC, we believe that you are entitled to detailed accurate information, along with "full disclosure" on all aspects of your situation, on a timely basis. We also believe that there should be "no surprises", before, during or after the final sale takes place. With this "full disclosure" philosophy in mind, we are listing the most common questions that we get from existing merchants, and potential merchants in this section of our website.  It is impossible for us to address every question a business owner may have. This FAQ section will answer many of your basic questions, but at the same time will most certainly create additional questions for you to address with one of our Merchant Advisors.  As a business owner, we hope this FAQ section will serve as a starting point in this regard.  

1.     What is a merchant account?  A merchant account is designed to help you, the merchant, manage “risk” levels by allowing you to accept different types of credit cards that are issued to different types of individuals and businesses.  A merchant account facilitates the release of cash flow into a merchant’s business checking account, within 24-48 hrs, once each credit card transaction is completed, in the form of an electronic “advance”.  The “provider” must then attempt to secure the cardholders funds electronically via the bank that issued each “authorized” card. This often takes several days. Credit card charges and fees compensate the merchant’s “provider” for this “risk” in actually securing these funds.  Each credit card transaction is a very complex and somewhat “risky” electronic event. 

2.     Why is a “swiped” rate lower than a “keyed-in” rate?  A “swiped” rate is lower than a “keyed-in” rate because your customer is present at the point-of-sale (Face-to-face transaction).  When your customer is in front of you, you can “swipe” their card through your credit card terminal and take the opportunity to validate the cardholders identity, thus you will receive a lower processing charge for that transaction.              

            3.  What are the five (5) ways to accept credit cards:

1.      Utilize a desktop terminal to “swipe” or “key-in” a customer’s credit card number.

2.      Utilize a more expensive point-of-sale (POS) system to “swipe” or “key-in” a customer’s credit card number. (Used in many high-end restaurants)

3.      Utilize an Internet connected home or office computer to “key-in” a customer’s credit card number.

4.   Utilize a "wireless" hand held credit card terminal to "swipe" a customer's credit card number.  You will receive a the lower "swiped" rate, and receive an immediate approval and authorization number for that specific transaction.  This immediate authorization protects you, the merchant, from unnecessary chargebacks.

5.      Utilize your own website to receive customer generated “keyed-in” credit card numbers. 

4.  What equipment do I need to have in order to open a new merchant account and begin “accepting” credit cards?  If you are opening a typical "retail" face-to-face business, and are not currently “accepting” credit cards, you will need to purchase or lease a credit card terminal.  You can purchase a new or refurbished cc terminal.  You can only "lease" a new terminal. We generally do not recommend that you utilize the credit card terminal(s) from and existing business that you might be purchasing. This is a risky road to for you to travel.  Ask one of our Merchant Advisors for advice here.  All of our new and or refurbished terminals come with a full one (1) year warrantee.   We generally do not recommend that you "Lease" a credit card terminal as this is much more expensive for you in the long run.  Buy it and own it. 

5.  Do I need a terminal with a printer?  A terminal with a printer is a real good idea for most types of retail face-to-face “swiped” transactions.  In most cases, you want to be able to provide your valued customer with a copy of the actual credit card receipt.  You keep the “signed” merchant copy for your records.  All receipts should be kept for a minimum of eighteen (18) months.  Should a “chargeback” occur, having the original “signed” receipt will go a long way toward validating each transaction.

6.  Do I need a separate “dedicated” phone line installed in my business to accept credit cards?  In most cases no, however, if you are a high volume retail or restaurant business that will be processing multiple transactions in a “high transaction” per day environment, then having a separate “dedicated” phone line is a good idea.  If you only have one telephone line at your business, you might be able to use a simple telephone line “splitter”.

 7.  What type of incoming “line” should I be utilizing to connect to our credit card terminal?  Ninety five percent (95%) of all credit card terminals require a standard “analog” telephone line.  Some newer buildings allow you to utilize your Internet connection via a “Router”.  In some of these cases, you my need to connect your credit card terminal, or Point-of-Sale computer based system, with a Cat 5/6 line, or Ethernet cable.  With a DSL line, you may need to utilize a DSL “filter”.  It is important to determine what type of connection you will be utilizing at your place of business prior to purchasing just ANY credit card terminal.  It is the merchants responsibility to provide an active "line" and proper connection cables for our Merchant Advisor or Technician to connect your terminal into.  

* All merchants want and deserve aggressive pricing and timely yet professional customer & terminal support.  This is where we shine!  Do not JUST shop for the lowest rate and ignore the added value of same day or next day account support.  Don't be fooled by a fast talking "one appointment" close approach by some unknown sales rep.   Free terminal offers are not "Free", nothing is "Free".  Please call our office should you have any questions at 860-774-8210.