How long does it take Payment Plus to set up a credit card processing account for my business?

Once you complete an application (get started here) and return it to us, we usually process and approve the vast majority of submitted applications within 1-4 days. While many payment processing companies may promise “24-hour” turnaround, we make sure that all the work is done correctly upfront so that when you’re approved and your equipment/software arrives, you’re good to go immediately. Payment Plus consultants are the best in the industry in making sure that your business requirements are met the first time!

When my business begins to accept credit cards, how does the “process” work and how long does it take for funds to be transferred to my account?

Credit card sales are deposited directly into your checking account, which usually takes about 24-48 hours — that’s standard for all processors.

A new accelerated funding program can allow you to see your deposits the next day. Contact us to learn more about Next Day Funding.

How the money reaches your account involves several steps. Here’s what happens:

Step One - Your business swipes the customer’s card through the credit card terminal and enters the sale amount. The terminal then connects to Payment Plus (us) for authorization.

Step Two - We pass the information to the bank that issued your customer’s card where the bank checks to see if the card is valid and if the charge amount is available on the card.

Step Three - The bank sends back an approval number or a decline message to Payment Plus.

Step Four - The information is passed back to your businesses’ credit card terminal which prints a receipt for the customer to sign if the card is approved. That usually takes about 10-15 seconds, although newer Internet-based systems can cut the time even more.

Step Five - Your business must “settle” or “batch” your transactions at the end of the day as the final transaction process. In most cases, Payment Plus can automatically settle the transactions at a specified time each day. Once that’s done, funds are transferred from the card’s issuing bank and funds are then electronically transferred into your business account. 24-48 hours is usually the time it takes for the funds to reach your business checking account.

How do I decide on the best equipment/software for my business needs?

Our staff will ask you questions to determine the best payment processing solution for your business. We’ll take the time to go over your options and give you a basic knowledge of the many processing choices available to you based upon whether your business operates in either a face-to-face retail environment, a mail/phone order enterprise or as an Internet business. We’ll provide you with the best solution that stays within your budget and we will advise you on how fees apply to you, how to avoid unnecessary surcharges and how to protect your business from fraud and chargebacks.