Banking Services

MasterCard/Visa Merchant Program

Society is increasingly using plastic to pay for purchases. Along with being convenient for your customer, accepting MasterCard/VISA should curtail the need for you to carry any receivables on your books. Now you can accept credit card payments from your customers easily! Let us explain the process in more detail:

Accepting MasterCard or VISA as a merchant requires some investment, however the cost to you depends on your choice of processing, the average ticket sale, and your sales volume. A discount rate is assessed with a formula using your average ticket sale and sales volume along with the processing fees charged by MasterCard/VISA.

Processing your sales can be handled in at least two different ways, defined as follows:

Voice Authorization - Paper Transaction

Manual Imprinter

Authorization by Terminal

Paper sales ticket

Bring deposit to the bank

Electronic Draft Capture

Authorization Terminal

Printer for sales transaction

Transmit batch each day at your convenience

The cost of an authorization machine is approximately $275.00 and a roll printer, approximately $350.00. Realizing an investment of $625.00 is not a small issue, therefore, the cost can be spread over a six-month period with the draft coming out of your checking account each month. You can upgrade voice authorization equipment to electronic draft capture for the additional cost of the printer.

The equipment investment is one time, but the discount rate is continual; therefore, the lower discount rate will offset the equipment purchase cost.

If you have no history for average ticket sale, the discount rate will be established using a similar business, and at the end of six months, when history has been established, we can reevaluate the discount rate.

After approval of the application and an on-site visit, it will take approximately 30 days to be on-line with our processor, Equifax.

Please contact our Merchant Credit Card Service Department at (570) 746-1011 for more information.