Frequently Asked Questions
Please Contact Us if you do not see your question below
Frequently Asked Questions
Please Contact Us if you do not see your question below
1. How do I get started?
Please Apply at https://payingsource.com/apply/ Complete the form and you’ll be on your way to accepting credit cards.
2. How long does it take to get my merchant account approved?
Accounts are usually approved within 24 – 48 business hours.
3. If I have bad credit or no credit, can I still be approved?
We have one of the highest approval ratings in the industry. The application is FREE so you’ve got nothing to lose.
4. What type of credit cards can I accept?
We support all major credit cards including Visa, MasterCard, American Express and Discover.
5. What mobile devices are compatible with MagicPay?
Our merchant platform is compatible with ALL Apple iOS, and Android devices.
6. When will my funds be deposited to my bank account?
Usually within 24 – 48 business hours after your batch has settled through your terminal.
7. Once I get approved, will I be trained to use my terminal?
When you receive your credit card terminal your account manager will fully train you on your specific device. We provide a toll free customer service telephone number you can call 24 hours a day 7 days a week for any support issues.
8. How can I access free equipment?
Merchants who are looking for free equipment are eligible with a contract commitment. For more information on the length of the commitment please Contact Us and we will provide full information on the equipment you are interested in.
9. Does PayingSource offer Point-of-Sale(POS) systems?
Yes, we offers many differnt brands of Point-of-Sale Systems. Please review our Equipement page or you can call one of our account specialists for more information.
10. I already purchased my own credit card terminal. Can I use it with a PayingSource Merchant Account?
Yes. Our Support department will need the specific details of your terminal such as make and model. As long as it is PCI compliant and not locked by the previous processor, then most likely we can reprogram it with your PayingSource Merchant account.
11. What information is on my merchant statement?
Your statement will include a summary of the monthly activity on your merchant account. This includes sales, deposits, chargebacks and any other relevant notes on your account.
12. Will my terminal be programmed and tested before I receive it?
Yes, equipment shipped by PayingSource is programmed and tested before its shipped to you,
13. Can an international business apply for a merchant account with PayingSource?
No. Only merchants with a physical business located in the United States and Canada are eligible to apply for a merchant account with PayingSource.
14. What is PCI Compliance?
Payment Card Industry (PCI) compliance applies to any business which collects, transmits or stores cardholder data. The minimum requirement to become PCI compliant is the completion of an annual data security standards self-assessment.
15. What is a Virtual Terminal? Is it the same as a Gateway?
A virtual terminal is not the same as a Gateway. A virtual terminal is a credit card processing terminal through a website or phone based application, which allows a merchant to key in transactions.
16. How are EMV cards different from magnetic swipe cards?
EMV cards have secure, embedded, built-in microprocessors, which generate a unique, one-time-only transaction number for each individual sale. Magnetic stripe cards, on the other hand, use data that remains the same for every transaction.
17. I have two businesses that need to accept credit and debit cards. What do I need to do?
PCI requires that only one business can utilize each merchant account. A new merchant account must be opened for each of individual business.
18. What is a Chargeback?
A chargeback is when a customer disputes a transaction, through their issuing bank, that was processed by a merchant account.
19. What do I do if I receive a chargeback?
Please contact PayingSource. We have an entire department dedicated to assisting our merchants with chargebacks. You may need to provide some additional information, which is typically proof of purchase or delivery of the product or services including signed receipts, invoices or contracts.
20. What is a Payment Gateway?
Payment Gateways enable merchants to accept safe and secure payments through a variety of processing methods, including: Online Shopping Carts, Retail POS Systems, and Mobile Card Readers. These transactions are fully encrypted and PCI compliant.
21. What is a “MID”?
MID stands for Merchant ID or Merchant Identification Number. This number is unique to each merchant account. This is the number that identifies each merchant to their processing company.
22. What information do you need to set up a Merchant Account?
PayingSource requires basic business and ownership information to approve a new merchant account application for your business. The process is quick, easy and is completed online.
23. How do I determine what terminal, equipment and software is best for my business?
A sales representative will discuss with you your options and the available options for your business needs. We have programs and equipment for virtually all businesses types.
24. What if I need help with my merchant account?
Once your merchant account is approved, you will be able to accept cards upon receipt of your terminal or e-commerce package. This usually occurs within 3-5 business days of your account approval.
25. What if I need help with my merchant account?
Please Call Us Toll-Free at 800-000-000 or Contact Us to send us a message
