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Frequently Asked Questions
What are the advantages of obtaining my merchant processing service through First Financial?You need to feel good about selecting us... and we know it. That's why we've selected reliable networks for our merchants' transaction processing activity. The networks we've selected handle over 1.5 million merchant locations, bigger means better reliability in this industry. In addition to reliability, our merchant customers appreciate 24/7 customer care and optional online reporting. Top of Page How long does it take to establish a merchant account though First Financial?The average time from First Financial's receipt of your signed, completed application to approval is 1-3 business days. This timeframe covers application underwriting and boarding. If you order equipment, equipment set up and deployment, and shipping time takes about 3-4 days. Upon receipt of equipment, any necessary merchant training is typically completed within 1-2 business days. Top of Page Why do you need a credit check and/or my financials as part of the set up process?Credit checks are required by Visa and MasterCard and are necessary to determine if the business owners are financially sound. Visa and MasterCard banks extend large lines of credit when a merchant account is set up. Financial stability is the most critical component of the approval process. Top of Page When can I begin processing?Once you receive your equipment and go through a brief telephone training process, you can activate your account. Your equipment is typically deployed within 48 hours of account approval. Top of Page How long does it take to get the money from my credit card purchases?Funds are typically electronically settled within two business days. Top of Page What is interchange and how does it affect my processing costs?All bankcard transaction rates - regardless of who processes the transaction - include a cost for "Interchange." Interchange rates represent the fees that the VISA and MasterCard Associations charge a Merchant to get the funds into his bank (Merchant Bank) and to get the billing information to the Cardholder's Bank (Issuing Bank). All interchange rates are expressed as a percentage of the total transaction. Interchange rates vary by type of merchant or industry (retail, restaurant, hotel, mail order) and in the type of bank card the consumer uses. Starting in 2005, the Associations created a special category or rate for so called "rewards" cards, those that pay dividends to the consumer in the form of merchandise points, hotel stays, or airline miles. The cost of accepting these cards is now somewhat higher for merchants than the standard bankcards. Top of Page How can I save money on my credit card transactions?Retail businesses can keep transaction costs to a minimum by taking steps to ensure they process "qualified" transactions. The "qualified rate" is the cheapest category of Interchange and it applies to a transaction in which the merchant physically swipes the bankcard through the terminal and receives authorization for the transaction. The transaction can be authorized only once and the authorized transaction amount must match the "settled" (deposit) transaction amount. In addition, for a transaction to be charged the "qualified rate" the merchant must settle the transaction (electronically transmit the transaction for payment by the issuing bank) within 24 hours. Top of Page What about controlling card costs for non-retail businesses?Interchange costs are higher for non-retail businesses where the purchases are made with the customer not present, but you can keep the costs to a minimum by "batching" or depositing in a timely manner and providing any additional information required by Visa and MasterCard on each of your transactions. Required transaction data will vary based upon business type and processing environment. Top of Page What is a chargeback?A chargeback is a transaction disputed by the cardholder or card issuer. There are many reasons for chargebacks, but the most common are returned merchandise, terminated services, disputes, errors, or fraud. Merchants must be able to provide proof that the disputed transaction is valid and in accordance with Visa/MasterCard regulations or risk having their account debited for the disputed amount. Top of Page How can I avoid chargebacks?To avoid chargebacks, act promptly if contacted directly by the cardholder to resolve a dispute. By working directly with the cardholder, you can avoid costly fees and processing costs as well as promote goodwill with your customer. It is important to carefully track and manage the chargebacks that you receive, and know your representment rights. A chargeback translates into extra processing time and cost, a narrower profit margin for the sale, and possibly a loss of revenue. |
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First Financial Merchant Services is located at 805 Meander Ct, Medina MN 55340 Toll Free 1-800-678-7610 Local 763-231-8120 • Fax 763-231-8129 |
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First Financial Merchant Services is a registered ISO/MSP of Wells Fargo Bank, N.A. Walnut Creek, CA. *Visa® and MasterCard® are registered trademarks of their respective organizations. American Express, Gift Cards, E-Commerce, and Check Services requires separate approval
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