Frequent Questions

Frequently
Asked Questions

How long does the approval process take?

Once your application is complete, the processing time is usually 24 hours or less, especially if we receive your application before noon EST. If approved, we will ship your terminal equipment or software promptly.

How soon will I get my money after the transaction is processed?

Visa, MasterCard, and Discover transactions are deposited next business day depending on the type of business.

Do I need a business license to obtain a merchant account?

You do not necessarily need to have a business license if you can provide a different acceptable documentation item that is required. These items vary depending upon the level of risk associated with your business.

Do I need a business checking account to obtain a merchant account?

You only need a business checking account if your business is set up as a corporation. If it is a sole proprietorship, you may use a personal checking account or a business checking account.

Do I need to have an American Express or Discover account before I apply?

No, you do not. We can do all this for you.

What is the discount rate?

The discount rate is the fee that a merchant pays to the acquirer for processing services that enable the merchant to accept bankcards as payment. Our discount rates are extremely competitive. If we can’t beat you current rate, Corsto will give you a $100 gift card.

What is Interchange fee?

A fee paid by an acquirer to an issuer for transactions entered into interchange. The interchange fee is a percentage applied, according to Visa/MasterCard regulations, to the dollar value of each transaction. There are multiple categories of interchange, and Visa and MasterCard each have their own criteria for their own categories. A transaction must meet the specified criteria for a category in order for that category’s rate to be applied. Each transaction is evaluated individually, so various interchange rates may apply within one batch of merchant transactions.

What is NPF?

The Visa Network Participation Fee / Fixed Acquirer Network Fee applies to all settled (batched out) U.S issued Visa credit card and Visa debit card transactions processed by a U.S. based merchant.
The fee will be billed on one line item and one amount on the merchant’s month end statement with a descriptor of “Visa NPF” for TSYS merchants.
The fee amount will vary from merchant to merchant and is calculated by Visa based on a number of factors including:

  • Number of Tax ID’s
  • Card Present vs. Card Not Present
  • Merchant Category Codes (MCC)
  • Number of Locations
  • Visa Gross Monthly Sales Volume

If a merchant does not process any Visa cards during the month, a minimum fee of $3.00 is still charged to the merchant.

Do I have to be PCI compliant?

Yes. Anyone who accepts credit card payments needs to comply with PCI-DSS rules.

What are the charges for PCI compliance?

When you have a merchant account with us, we provide free PCI compliance validation