Most frequently asked
questions by Merchants.
What is Apple Pay?
Apple pay is Apple’s new mobile payment solution that turns the latest iPhones, Apple Watches and iPads in to electronic wallets! Apple Pay is a safer way to pay, as your customer simply uses their Apple device and their fingerprint to complete payment using an NFC (Near Field Communication) capable terminal. Leaders offers a variety of NFC ready credit card processing terminals that enable electronic wallet payments like Apple Pay.
What is NFC and does Leaders offer it?
NFC stands for Near Field Communication. An NFC capable terminal is able to accept electronic wallet payments, such as Apple Pay, Android pay, and Samsung Pay. Consumers simply unlock their phone or mobile device, place it in close proximity to an NFC capable terminal (typically about 2 inches), and transaction is processed quickly and easily.
I already purchased my own credit card terminal. Can I use it with a Leaders Merchant Account?
Most likely the answer is yes. Our technical and installation department will need the specific details of your terminal (make and model). As long as it is PCI compliant and not locked by the previous processor, then more than likely we can reprogram it with your new Leaders Merchant Services account.
I currently accept credit cards with another company. How can I see if Leaders has better rates?
Leaders Merchant Services has a $500 Assurance Program that states, “If we cannot save you money on your processing, then we will give you $500.” All you have to do is fax or email to us your two most recent full merchant statements and we will do a side-by-side comparison, showing you the exact savings we could have provided you on one of those months.
Does Leaders Merchant Services offer a Point-of-Sale system (POS)?
Yes, Leaders Merchant Services offers the Clover Point-of-Sale System. We have an entire page dedicated to this great product or you can call one of our account specialists to learn more now!
Can I export my payment processing data to my accounting software?
Leaders Merchant Services does offer gateways that will integrate with several popular accounting programs, including most versions of QuickBooks. We have a great solution for QuickBooks POS, which we know can be hard to find. Please give us a call today to learn more!
Does Leaders Merchant Services offer Electronic Benefits Transfer (EBT)?
Yes. This needs to be notated up front on the application and certain information will need to be submitted. EBT processing is completed like PIN-based debit card transactions and the proper equipment needs to be present for the transaction.
What is Electronic Benefits Transfer (EBT)?
EBT is a system where a payment card is loaded with a balance that can only be used at certain stores and for certain products, similar to food stamps. These are issued through government agencies and have special equipment requirements. Please call to speak with a representative today to discuss this further.
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. Leaders decided to Go Green! So we now deliver our statements electronically through your custom portal at the beginning of each month.
Will my terminal be programmed and tested before I receive it from Leaders?
Yes, equipment shipped by Leaders Merchant Services is programmed and tested prior to shipping.
Can an international business apply for a merchant account with Leaders?
No. Merchants physically located outside of the United States are not eligible to process transactions with Leaders Merchant Services. Only merchants with a physical business location in the United States and United States based checking account are eligible to apply for a merchant account with Leaders Merchant Services.
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 but you can utilize a multi merchant terminal to minimize the hardware requirements if they share the same location. Please visit our equipment page to view your options.
The business next door to me said I could use their credit card terminal to process my customer’s payments. Is that true?
No. PCI compliance requires that only one business can utilize each merchant account. A new merchant account must be opened for each individual business.
What is a Virtual Terminal? Is it the same as a Gateway?
A virtual terminal is not the same as a Gateway, although most Gateway providers also include a virtual terminal with their service. A virtual terminal is a credit card processing terminal through a website or phone based application, which allows a merchant to key in transactions.
With so many technical terms in the merchant processing industry, where can I find a Glossary of definitions?
For a great Leaders Merchant Services Glossary, check out this handy link on our website: https://www.leadersmerchantservices.com/wp-content/uploads/2016/04/glossary_lms.pdf
What is PCI Compliance?
Payment Card Industry (PCI) compliance applies to anyone and 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 questionnaire.
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.
What are Leaders Merchant Services’ hours of operation?
Leaders Merchant Services offers a 24 hour, 7 days a week Technical Support Hotline.
How do Leaders Merchant Services’ rates compare to other merchant service providers’ rates?
Leaders Merchant Services has some of the lowest rates in the industry, starting at 0.15%! We also have a variety of customizable plans available to best fit your specific business needs.
How will I receive my monthly merchant statement.
Leaders Merchant Services has decided to Go Green! Your statements are available any time for you to view or download via your iAccess merchant portal.
What do I do if I receive a chargeback?
First call Leaders Merchant Services. 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.
What is a Chargeback?
A chargeback is when a customer disputes a transaction, through their issuing bank, that was processed by a merchant account.
Do I need a Payment Gateway to accept online payments?
Yes. A payment Gateway is used to authorize and encrypt online payment transactions as well as ensure these transactions are processed quickly and efficiently.
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 by the various associations.
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.
Do I have to have an EMV terminal?
No. You don’t have to have an EMV terminal. However, as of October 2015, the card associations (Visa, MasterCard, etc…) all inacted regulations that transfer fraud liability to the merchant if the merchant is a retail (face to face or swiped) merchant and they process an EMV card transaction via by swiping or keying the transaction, and the transaction turns out to be fraudulent. So we suggest that all retail (Face to Face aka swiped) merchants only use EMV capable terminals. Please browse our EMV capable terminals here… or call now to discuss your options further.
What is EMV?
EMV stands for “Europay, MasterCard and Visa”, the three companies which created the smart card technology, whereby credit and debit cards include an embedded microprocessor chip that is used during the processing of a transaction. The chip protects cardholder data and virtually eliminates fraudulent activity. EMV transactions can take place on EMV capable terminals whereby the card is “dipped” (inserted) into an EMV slot and remains their while the transaction is processed so that the Chip can secure the information during the process.
Do I have to contact American Express directly in order to be able to accept Amex cards?
No. Leaders Merchant Service can do that for you, quickly and easily, during the Merchant Account Application process. We include the ability to accept all of the major cards types with your new account! All your Amex activity will appear on our simple and easy to read monthly statement which can be pulled up and reviewed on line 24 hours a day, 7 days a week!
What information do you need to set up a Merchant Account?
Leaders Merchant Services requires basic business and ownership information to put together a customer merchant account application for your business. The process is quick, easy and is completed online; so no need to print anything and send it back!
Does Leaders Merchant Services offer Funding services for businesses?
Yes, we offer both Business Cash Advances (which are repaid through your credit card processing activity) and Business Loans (which are repaid through a preset daily payment option). Contact one of our business funding experts for complete information regarding the funding option that would be best for you and your business.
Do you offer Value added Services?
Yes! We have a wide variety of value added services including, but not limited to: Business Cash Advances, Business Loans, Check Guarantee Services, Gift Card and Loyalty Programs, POS systems and more. Speak with a New Accounts Associate to go over our full list of available services.
What does MOTO Mean?
MOTO stands for “Mail Order/ Telephone Order” and this is a type of processing merchant who does “Keyed” in transactions that are processed non-face to face, meaning the card isn’t not present at the time of sale. Thus the card info must be manually “keyed” in to run the sale transaction.
Is my customer information secure if I use a mobile device?
Completely. The Smartphone or Tablet Processing gateways we use (thru an app on your device) never store any information on the device itself, and the card reader is fully encrypted so that credit and debit card numbers are entirely safeguarded.
What will my rates be?
There are a lot of factors that go into what your discount rates will be. Factors like what type of transactions you are going to accept; face to face, MOTO or internet. Speak with a New Accounts Associate to discuss what which of our rate programs will best fit your business needs.
How do I determine what terminal, equipment and/or software is best for my business?
Leaders Merchant Services will work with you to determine what best fits your needs. A sales representative will discuss with you your options and the available programs for your business needs. We have programs and equipment for virtually all businesses including: Internet/E-Commerce – Retail – Mail Order/Telephone Order (MOTO) – Restaurant – Mobile/Wireless – Business to Business, and more.
What is the time frame for being able to start accepting credit cards?
Once your merchant account is approved, you will be able to accept cards upon receipt of your terminal or e-commerce password. This usually occurs within 3-5 business days of your account approval.
What types of merchants does Leaders Merchant Services approve?
All types of merchants meeting our underwriting standards.
What kind of training is required for using a credit card terminal?
A Technical Services Department representative will train merchants to use terminals supplied by LEADERS. Also, a toll-free customer service number is provided and representatives are available 24/7/365.
What if I need help with my merchant account?
Leaders Merchant Services Customer Service representatives are available 24/7/365, toll free at (800) 876-9843.
Do I need a shopping cart to be an internet merchant?
No. A virtual terminal will work just as well. However, merchants that have a large number of products may find it easier to use a shopping cart.
What is a shopping cart?
A method of collecting the items chosen by a consumer for purchase from an online catalog.
What is an internet merchant?
An internet merchant is a term used for merchants who conduct business on the Internet.
If I have bad credit or no credit, can I be approved for a merchant account?
Our approval rate for merchant applications is 98% regardless of credit or business type (excluding prohibited merchant types).
When do credit card transactions get funded?
In most cases, your transactions are deposited into your checking account within two business days after you close your batches.
How do I apply for a merchant account?
Click here to apply for a LEADERS Merchant Account.
What is a merchant account?
A merchant account is a relationship between a retailer and a merchant bank. This allows merchants to accept credit card and debit card payments from customers.