Frequently Asked Questions

Below is an ever growing list of questions that are commonly asked within the payments industry.  If you have any suggestions or additions to this list please contact us so we can review your suggestion.


What is a legal business name?
This is also known as your corporate name. This can be the Owner's name if the business type is a Sole Proprietorship.


What does "Doing Business As" (DBA) mean?
"Doing Business As" is most commonly the externally facing name that is associated with your company. For example, a company may have a registered LLC as Company ABC LLC but are DBA Company 123.


How do I determine my business phone number?
This number should be answered with your business name and can NOT be a toll-free number. If you have a home-based business, you may use your home phone number.


What is the reason for a customer service phone number?
Customer service phone numbers are required because it’s important for a customer to have contact with the merchant incase of product defect or other payment related issues. This number will also appear on your customer's credit card statement. If not supplied your business telephone number will be used. This is a requirement to obtain a merchant account.


What are the requirements of a business address?
You can NOT use a "P.O. Box" or a "MailBoxes" address. A business address is the actual PHYSICAL ADDRESS of your business. This is the address that 911 would have if they were to respond to an emergency at your business location.


What is the difference between a billing address and a business address?
Some businesses have a billing address other than the physical location of the business.


What are the requirements of a billing address?
We need the address of where we should send your monthly statements and any additional information pertaining to your account.


Who should be the contact person?
The contact person is the main person in your company responsible for the paperwork necessary to process your application. The contact person will receive all emails pertaining to the setup of your account.


What is a contact email address?
This is the email address for the contact person. We will be updating you via email on the status of your account.


What is my product or service?
This is referring to the product or service that your company offers for sale.


How do I figure out the number of days for delivery?
This is an estimate of the amount of time from when your customer places the order until your product reached them.


Why do I need a refund policy?
If you are an online merchant and getting sales from a website, you must have a refund policy prominently displayed on your website. This is a requirement of the bank.


Why do I need a privacy policy?
This is required for online merchants because of the concerns around security and the potential for the customers information to be used in a way not initially disclosed. Having a privacy policy gives the customers security that you are a reputable merchant and will not misuse their information.


What is my current ownership?
This question commonly refers to the amount of time that the company has been owned by yourself.
Different business structures:


Sole Proprietor:
A sole proprietor is a business entity with one owner. This owner must provide his social security number for a credit check. This owner will be personally responsible for all aspects of the business.


Two or more owners form a partnership. Each owner is individually responsible for the partnership.


Closely Held Corp:
This is a standard-state formed corporation. It files its own taxes and is responsible for its own affairs. It can have an unlimited number of shareholders.


Subchapter S:
Much like a Closely Held Corporation. It allows shareholders to claim their share of the corporation's income directly on their personal tax returns. Corporations are limited to a maximum of 75 shareholders.


Limited Liability Corp:
This is a combination of a corporation and a partnership. It provides the same tax and liability benefits of a corporation, but has the same management structure of a partnership.


Non-Profit Organization:
Not seeking a profit. Examples are donations, charities, etc.


What is a Business Federal Tax ID Number?
This is a number issued by the state to identify and tax the income generated by the company.


Who is the owner?
The owner must have access to the business checking account. The owner with the best credit should be listed first, since the bank will pull a credit report on Owner #1 first.


What if I don't have a Driver's License Number?
If you don't have a Driver's License, you may enter a Non-Driver's License Number or an official State Identification Number. Please enter the state in which your Driver's License or State Identification number has been issued.


What is the average credit card ticket?
This is not a mathematical average. This is the most common amount in dollars of what you expect your customers to spend in a single order or transaction. Enter the dollar amount that you normally sell per order. If your products average $25 and it is typical for your customers to buy 2 items, then your average credit card ticket would be $50.

PLEASE NOTE: If you say $100 and put through a transaction for $1,000, the bank may question this and possibly hold your funds. If you’re not sure what your average credit card ticket should be, it is safer to estimate it a little higher than to underestimate it. If your average credit card ticket is greater than $500, the bank will require 3 months of bank statements and will possibly require 5% - 20% of your funds to be deposited into a reserve account.


What is the largest credit card ticket?
Please list the highest single transaction amount to the nearest dollar that you expect to transact. If your most expensive item sells for $50, and you think a customer may be willing to purchase 10 of this item, then your largest ticket amount would be $500.


What is your monthly credit card volume?
This is the dollar amount that is expected to be run through the merchant account on a monthly basis.


What is a domain name?
Domain names are used to generate web addresses (also known as URLs). For example, in the URL, the domain name is


Do I need to purchase a domain name?
This is not required, but if you plan to sell your goods or services online it’s considered a best practice to have your own domain name. This helps significantly with marketing, advertising and brand recognition as you build your customer base.


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