Frequently Asked Questions
Cash Discount Questions
How does Cash Discounting work?
When a customer decides to use a credit card at the point of sale, our smart terminals will automatically calculate a 4% non-cash charge to the full amount of the sale. The 4% non-cash charge covers everything that you would normally pay for to accept credit cards which allows you to keep the full sale amount. For example: If you charge someone $10 for an item and the customer decides to pay with credit, the terminal will say $10.40 (4% of $10), and once the machine settles at the end of the day, you are left with the full $10 which is then submitted to your business account the very next day.
What industries does Merchantology service?
Retail, labor/service, restaurant, e-Commerce, medical, legal, mobile accounting, professional services, hospitality and everything in between.
What if I need help getting started?
If you need any help whatsoever, please feel free to call us anytime at (631) 855-0096 or email us at sales@merchantology.com at your convenience.
Is Cash Discounting legal?
Yes, 100%. According to the Dod Frank Law, merchants like yourself are able to add a non-cash charge or convenience fee for customers who decide to pay with credit cards. This allows the merchant to offset paying the processing companies and keep 100% of their profits instead. Visa, MasterCard, Discover and American Express all have info on cash discounting on their websites for further information and clarification.
Will customers get upset if I add a non-cash charge to my business
Absolutely not! Consumers are already used to being surcharged at the point of sale from gas stations, utility bills, ATM machines, grocery stores etc etc. Every industry type nowadays is adding a cash discount program to their business in order to offset costs. We are entering a new day and age for credit card processing and 99.2% of the time, the cash discount program was not an issue at the point of sale and had zero impact on sales. If you decide that cash discounting is not for you and rather eat the processing fees instead, Merchantology can switch you back to traditional processing with a simple phone call and guarantee that your fees will be much lower than what you were previously paying prior to switching.
Merchant Services Questions
What makes Merchantology the better than other merchant service providers?
At Merchantology, your experience is one of our TOP priorities. We are 100% committed to showing you why we are the last payment processor you'll ever need for the life of your business. Our customer support and dedicated services gives you the feeling that you are our only customer and we will do everything in our power to keep you! On top of our amazing customer support, we will also save you a TON on money in processing fees!
Do I have a contract with Merchantology?
Absolutely NOT! With Merchantology, every application is month to month which means that you can cancel any time. We do this for a couple of reasons. One is because we want you to know that we put our best foot forward the first time around and secondly is because contracts are uncomfortable. Your comfort is very important to us and if we take care of you the way you deserve that way there's less room for you to shop around. We have NEVER lost a customer to a competitor and we plan on keeping it that way!
How fast are funds deposited into my business account?
Funds are submitted to your bank the next day depending on what time you settle the machine, typically any time before 10:00 pm. We also have same day funding if you would like to receive your funds quicker. Please contact us to figure out whats best for your business.
What industries does Merchantology service?
Retail, labor/service, restaurant, e-Commerce, medical, legal, mobile accounting, professional services, hospitality and everything in between.
What is needed to get started?
1. A voided check from your business checking account
2. Tax ID number for your business
3. Signers info
4. Simple application in which you receive a copy for your records
How soon can I start excepting payments after submitting an application?
After submitting an application, our underwriting department will create an online portal for your business usually within 24 hours of your application being submitted. Once created, our tech department encrypts your equipment with the information you provided us and we send out your terminal or POS system the day after. All in all, typically 3 business days.
We Look Forward To Speaking With You!
