Envelo Merchant Account Frequently Asked Questions
Have questions for Envelo? These FAQs are provided to answer most general questions. For more in-depth information specifically related to your business, please contact your local Envelo team member.
- What is a merchant account? A merchant account is one that a business or organization (the merchant or customer) maintains with a merchant services provider, or payment processor, in order to accept credit cards. In these FAQs, words such as “you, I,” or “your” refer to the merchant/customer, while words such as “Envelo, we, us” or “our” refer to the merchant service provider.
- How do I receive payment from credit card transactions? After you have set up a merchant account with Envelo, all funds are wire-transferred directly into your business checking account within approximately 48 hours.
- How long does it take to obtain a merchant account? If everything is in order on your end, final approval and setup usually takes only 48 hours with Envelo. It’s easy!
- What if I’ve just started my first business? Can I obtain an account? Can I obtain a merchant account? Yes, Envelo can set up new, as well as existing businesses, with merchant accounts.
- What if my credit rating is not very good? Can I still obtain a merchant account? In most cases, a less-than-perfect credit rating is not a problem. We approve 99 percent of applications. Envelo is not locked into just one processing bank; instead, we maintain relationships with several banks and can work with more than one to get you approved.
- What if my business is relatively low-volume? Can I still set up a merchant account? Yes, you can. Just call one of our consultants for more information at (843) 353-0080.
- What if I don’t live in the United States but want to set up a merchant account there? To set up a merchant account in the United States, you must be a U.S. citizen (with a Social Security number), plus have a residence and bank account in the country.
- What if I live outside the United States and want a merchant account in my country of residence? Can Envelo help me with that? Yes, we can set up a merchant account for you in many countries outside the United States. Call one of our consultants at (843) 353-0080 for more information.
- What type of bank account will I need to set up a merchant account? Envelo will deposit funds directly into the checking account of your choice. If you are a sole proprietor, we can deposit funds into your personal account. If you are registered in your state as anything other than a sole proprietor, we will deposit funds into your business checking account. In each case, you’ll need to send us a voided check so we can process your application.
- Which credit cards will I be able to accept with an Envelo merchant account? We can set you up to accept all major credit and debit cards—Visa, MasterCard, American Express and Discover. We also can enable you to accept Diners Club cards and JCB International credit cards, as well as debit cards. Please tell your Envelo consultant what cards you would like to accept. NOTE that American Express will send you separate statements in addition to statements we will send you on your other card transactions. This is because American Express handles their own issuing and payment processing, while other credit card companies (including Visa, MasterCard, Discover, Diners Club and JCB) partner with Envelo to provide those services.
- Can I accept international credit cards with an Envelo merchant account? Yes, you can. As noted, we will enable you to accept JCB International credit cards, as well as other cards issued outside the United States, if you wish.
- How will my company name appear on my customers’ credit card bills? Your “doing business as” name will appear on your customers’ credit card statements, along with the telephone number you provide. Up to 25 characters are available for printing on a customer’s bill.
- Why does Envelo charge me for accepting credit cards? Strictly speaking, we don’t charge you for accepting credit cards; rather, we charge you for the payment processing services we provide. Credit card issuers charge us rates for processing payments — rates that cover authorization, payment forwarding, and branding services. Like other merchant service providers, we then pass on those rates, plus a fee for services, to you.
- What is a payment gateway? If you’re selling products or services over the Internet, you’ll need a payment gateway to process credit card transactions. A gateway is a secure portal that connects to your shopping cart and transmits credit card information to the payment processor (such as Envelo) for authorization and settlement. Most payment gateways also can be used as virtual terminals (see following), which provide the ability to key in customers’ credit card information for phone or mail orders.
- What is a virtual terminal? This is an Internet-based interface that allows a business or other organization to key in credit card information for phone or mail orders; our payment gateway (see above) includes a virtual terminal, with extensive reporting and functionality to help manage your transactions.
- Does the gateway offered by Envelo provide recurring billing? Yes, a recurring billing service comes with our gateway at no extra charge.
- Does Envelo provide detailed reporting on credit card transactions? Yes, we will mail you a monthly statement, as well as an annual report at the end of the year, with detailed transaction information. You also will be able to view transaction details any time through your gateway/virtual terminal, with information sorted daily, weekly, monthly, and annually.
- Can I get help setting up my gateway? After you are approved, Envelo tech staff will walk you through the easy setup process. We will also give you instructions on how to set up your new gateway if you choose to do it yourself.
- Do you provide tech support once my gateway and virtual terminal are up and running? Yes, we provide tech support if you encounter problems. Call us at (843) 353-0080 during regular business hours to receive immediate assistance. We also check our messages 24/7, so if you call us after hours, we will respond and make sure you receive prompt assistance.
- What is a chargeback? A chargeback is a reversal of a credit-card transaction, as viewed from your (the merchant’s) perspective. Chargebacks usually occur when a customer disputes an item on their credit card bill with the card issuer, most often because the customer believes the charge is fraudulent. Sometimes consumer complaints are untrue, and their claims are denied. Even then a merchant could be charged processing fees for investigation of the dispute. The best course is to keep fraudulent transactions from occurring in the first place. Learn more about what you can do to prevent credit card fraud.
- Does the Envelo gateway offer fraud protection to help avoid chargebacks? Yes, our gateway uses the Address Verification System (AVS), card code verification (CVV2, CVC2, CID), Internet Protocol (IP) frequency and negative database check verification for returned checks to limit your exposure to fraudulent transactions.
- Do you charge setup fees for Internet transactions? We do not charge any setup or application fees for Internet transactions; it will not cost you a penny to start accepting credit cards for online businesses.
- Do you offer long-term leases on equipment? No, we do not offer equipment leases. Instead, we ask that you buy your own equipment because it’s cheaper for you in the long run. You also save more because we sell equipment at wholesale prices. We’d rather give you top-notch service on credit card processing than make big profits on equipment leases.
- Can I integrate my financial software with an Internet Merchant Account from Envelo? Yes, you can. Our payment gateway is fully integrated and compatible with MonsterBooks and QuickBooks to make managing your business easier.
- What is PCI compliance? The Payment Card Industry Data Security Standard (PCI DSS) is a set of criteria established in 2004 when major credit card companies aligned their previous individual policies on credit card security. The goal is to prevent fraud and other security threats related to payment processing. Learn more about PCI compliance.
- Can I use one merchant account to process credit cards for several different businesses? No, you can’t. Credit card companies require an individual business to have an individual merchant account, so—if you own more than one business—you’ll need to set up a separate merchant account for each one.
- If I have a friend with a merchant account, can I use their account to accept credit cards at my business (instead of getting my own account)? No, you can’t. This practice violates rules and regulations set by all credit card companies and depending on intent, can result in criminal charges and penalties. Piggybacking on another merchant account is called “factoring” and can occur by mistake if a business does not realize it needs to open another account. Deliberate factoring can hide illegal activities and qualifies as “money laundering.” In any case, you need to know the rules about setting up merchant accounts so you don’t make a misstep.
Your time is more than valuable — it's precious.
Did you know some merchant account providers can take a week or longer to get you up and running? Not Envelo Bank Card Services Worldwide. With our fast-track application and approval process, we get you set up — or switched — fast, usually in less than 24 hours. And the faster you get set up with us, the faster you'll enjoy all of the other benefits that come with being an Envelo BCSW merchant.
Click here to get started or call us today at (843) 353-0080.