A prospective client called me yesterday and exclaimed in a hurried voice that he needs an “instant merchant account.”  I asked him what he meant by this term and he immediately grew impatient with me.  “Isn’t it obvious?” he inquired.  “It’s imperative that I’m up and running today so that I can process credit cards.”

While I expressed an understanding about the merchant’s need to quickly facilitate payment, I told him that we would be unable to provide that type of instantaneous result.  “While it’s possible to approve your account today,” I explained, “your business information would still have to boarded with our acquiring bank, which is generally done at midnight.”  Moreover, the Authorize.net files would still have to be built, too, which may take some additional time.”  (He owns an e-commerce business.)

The prospective merchant expressed dismay at the prospect of waiting an extra day to process credit cards so he abruptly ended the conversation, but not before telling me that he was certain that our competitors could comply with his request for an instant merchant account.

I’m not so certain – especially if this business owner calls true merchant account providers, in contrast to third party processors.  After all, reputable merchant account providers will not just rubberstamp an application and approve it.  There is an underwriting process where the merchant’s credit is evaluated, the nature of the business is considered (is it high-risk?), the processing limits are weighed, etc.  Such an assessment takes some time – at least a couple of hours – so the notion of an instant merchant account is a misleading term.  (I looked up the word, “instant” in the dictionary and it indicated the following: “instantaneous, done without delay,” and even “blink of an eye”… none of which apply to merchant account underwriting.)

The gentleman who called me ended our conversation before I could even ask about his anticipated volume limits.  The higher the volume, the more due diligence underwriters perform and the longer an approval takes.  In the scenario that the caller’s credit is questionable, he may not only be ineligible for an instant merchant account but any merchant account altogether.

Please note that while many merchant account providers can grant “same day approval,” a business owner may not necessarily be able to accept credit cards on that same day.  As a reminder, files have to be built and the acquiring bank needs notification with the concomitant records.  In the event that you need to open a merchant account on a timely basis, it’s better to factor in 2 days when envisioning yourself processing your first credit card.

There exist merchant account providers who may promise instant approval and instant setup.  However, such providers often perform their underwriting after a merchant account has been open.  Conceivably, you can be accepting credit cards for a day or two, and then find your account frozen or terminated!  It’s much better to ensure that your application has been officially approved first, and then proceed to accept credit cards.

Third party processors (e.g., PayPal) may serve as a viable option for those in desperate need of an instant merchant account.  As there is typically no formal application process, setup is quick and easy.  One can easily set up an account and attain credit card processing capability the same day with a third party processor.  (Merchant account providers offer a myriad of advantages over third party processors, but not in the length of time it takes to get set up.)

Of course, it’s best not to place yourself in a position where you must open an instant merchant account.  It’s preferable to conduct thorough research and choose the merchant account company that can best meet your business’s needs – in the short and long term.   

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To learn more about our merchant services, please see http://www.intelli-collect.com  

“The Hypercom T7 Plus,” I dutifully answer when new retail merchants ask me for my recommendation regarding an affordable credit card processing terminal.  My answer strikes a responsive chord with many in the merchant account field as the Hypercom T7 Plus is one of the most popular credit card machines among retail merchants.  Those in the restaurant and hospitality field, business owners who may process many daily transactions, even rely on this compact, sturdy, and relatively inexpensive terminal.

It’s ease of use may very well set it apart from its counterparts.  Although I consider myself “technologically-challenged,” I had no problem learning about/using its features.  Many of the keys are self-explanatory.  If you need to void a sale, the key, “void,” is utilized.  In the scenario that you need to process a debit card, the “debit” key is pressed.  Refunds are easier to facilitate with the “refund” key.  Indeed, many of the 35 keys in the keyboard (19 key models are also available) are aptly named to ensure their proper use. 

Even non-English speaking merchants can benefit from the simplicity offered by the  Hypercom T7 Plus.  Customizable bilingual screen displays are available.  One of our customers with several retail establishments in Chinatown, NY loves the fact that his workers, some of whom struggle with the English language, can facilitate sales without incident.

The speed of transactions offered by this Hypercom is also desirable.  Transaction authorization time is minimal.  Indeed, the manufacturer claims that the terminal offers the quickest dial transactions in the merchant account field.  Even the printer works at a swift pace as it purportedly takes half the time to print as previous-generation printers.

“Time-oriented merchants” also enjoy the fact that it takes virtually no time to replace paper rolls.  The roll does not have to be fit through slots and rollers.  Paper rolls can simply be dropped in place (no more paper jams!), ready to go when necessary.  

The Hypercom T7 Plus supports longer paper rolls, too.  (Longer rolls do not have to be replaced as frequently.)  The merchant can see how much paper remains by looking through the see-through paper holder.  Try to remain alert on how much paper is left in the machine, as you don’t want to be in the middle of transaction as you run out of paper!

In addition, it’s important for any merchant to be aware that the Hypercom T7 Plus supports a variety of payment options.  You can accept debit cards via an external pin pad, and checks through the use of connected check readers or imagers.  The Hypercom T7 Plus can support new smart cards and EMV-compliant software, too.

In consideration of all its inherent advantages, including the fact that many merchant account providers charge less than $200 for the terminal (less than $300 with an external pin pad), the Hypercom T7 Plus may very well deserve a special place in your store.  This affordable credit card processing terminal can serve you faithfully for years. 

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To learn more about our merchant services, please see http://www.intelli-collect.com