15 Frequently Asked Questions About Payment Processing
1. How Do I Know Which Payment Processor To Select?
Choosing the right payment processor starts with two key things: how well it fits your business needs and how easy it is for your customers to pay. Look for a platform that integrates with your tools, offers real-time reporting, and is flexible enough to grow with you.
At BinglePAY, we focus on transparent pricing and easy-to-use tools that help you manage and scale your payments with confidence.
2. How Much Will Payment Processing Cost?
Payment processing costs vary based on your provider, pricing model, and monthly volume. On average, most U.S. businesses pay between 2.87% and 4.35% per transaction. These fees typically include interchange (set by Visa/Mastercard), plus a markup.
With BinglePAY, we offer interchange-plus and dual pricing options — so you always know what you’re paying and how to save.
3. Will My Business Qualify for a Merchant Account?
To qualify for a merchant account, you’ll usually need to provide your EIN or SSN, business license, voided check, and sometimes processing history. The approval process helps verify that your business is real and ready for card transactions.
BinglePAY works with a wide range of industries — even those considered “high risk” — and most approvals are completed in 24–48 hours.
4. What Are the Payment Types I Am Able to Accept?
Most modern payment processors support a wide range of payment types, including:
- Credit & Debit Cards (Visa, Mastercard, Discover, Amex)
- Mobile Payments (Apple Pay, Google Pay, Samsung Pay)
- ACH/eChecks, Contactless Payments, and
- Virtual Terminals for phone or remote billing
BinglePAY supports in-person, online, and mobile payments, all from one dashboard.
5. How Long Will it Take to Begin Accepting Card Payments?
Setup time depends on the type of account and your business category. Some businesses can start processing within a few hours, while full merchant accounts may take up to 48 hours to activate.
At BinglePAY, we streamline onboarding so you can start accepting payments quickly — with guided help if you’re a first-timer or in a complex industry.
6. Is Credit Card Processing Secure?
Yes, as long as your system follows the right standards. Safe credit card processing uses encryption, tokenization, and fraud monitoring. Tools like EMV chip readers and 3D Secure for online payments help reduce fraud.
Experts like BinglePAY also help you maintain PCI compliance — one of the key requirements for protecting customer data.
7. What Is PCI Compliance?
PCI compliance means you’re following a global set of security rules for handling credit card transactions. These rules apply to any business that accepts, stores, or processes credit card data — big or small.
BinglePAY includes free PCI compliance guidance with all accounts, and we’ll walk you through any needed updates or scans.
8. How Much Customer Support Will I Be Able to Access?
That depends on the processor. Some only offer chat or slow email support. Others — like BinglePAY — provide live, U.S.-based phone support, responsive email replies, and a dedicated account rep if your business needs it.
Strong support is especially important if payments are a big part of your daily operations.
9. When Will I Receive Funds in My Bank Account From the Credit Card Transactions?
Most businesses see deposits hit their bank account in 1 to 3 business days. Some processors also offer same-day or instant payouts, often for an additional fee.
BinglePAY offers next-day funding as a standard, with faster options available based on your needs.
10. What Is the Difference Between a Gateway and a Processor?
A gateway is used to securely collect and transmit payment details — like when a customer checks out online. A processor actually handles the payment, moving funds from the buyer’s bank to the seller’s.
BinglePAY offers both in one platform, so you don’t need to juggle multiple vendors or systems.
11. Can I Accept Payments Online, In-Store, and on Mobile Devices?
Yes. Today’s payment processors are built to support omnichannel payments, so you can accept cards at your counter, on your website, or through a phone or tablet.
BinglePAY provides all three options — with virtual terminals, mobile readers, and full eCommerce checkout tools all in one place.
12. What Happens If a Customer Disputes a Charge?
When a customer files a dispute, it becomes a chargeback, and the funds are temporarily pulled from your account. You’ll get a chance to provide documentation to defend the transaction.
BinglePAY helps you manage chargebacks with alerts, guidance, and support, so you can respond quickly and protect your revenue.
13. Can I Switch Payment Processors Without Losing Sales?
Yes — switching can be smooth if planned right. Make sure your new processor supports the same payment methods and integrations as your current one.
At BinglePAY, we provide seamless onboarding, including data migration and device setup, so there’s no disruption to your cash flow.
14. What Is Dual Pricing and Can It Save Me Money?
Dual pricing lets you pass credit card processing fees to the customer, offering a discount for cash payments. This helps many small businesses cut costs and improve margins.
BinglePAY supports compliant dual pricing with clear signage and receipts to keep your business transparent and in line with card brand rules.
15. Does BinglePAY Support High-Risk or Specialty Businesses?
Yes — unlike many providers, we work with businesses that banks often avoid, including CBD, online coaching, supplements, adult content, and more.
If you’re in a high-risk category, BinglePAY offers custom payment solutions, fraud protection, and fast approvals tailored to your industry.
Do’s & Don’ts of Merchant Services
The “DO’s” When You Are Setting Up Your Merchant Account:
Do research credit card processing and develop a basic understanding of how merchant accounts work.
Do your initial research 1-2 months before you need to be set up.
Do apply and complete the setup process at least 2 weeks before you need to run a transaction.
Do get set up with B2B merchant account’s if you sell mainly to corporations or government agencies.
Do get set up with a large ticket merchant account if you have very high transactions $5,000 and up.
Do get set up as a seasonal account if you are open for only select months of the year.
Do use a wireless terminal if you are a mobile business and expect a steady amount of sales.
Do accept American Express – American Express card holders statistically spend more per sale.
Do accept American Express if you sell to other businesses. Amex can make up for close to 50% of your sales.
Do look into other services that can help your business grow such as Gift and Loyalty Cards.
Do be very cautious of creative rates and different rate programs. Make sure you thoroughly understand them.
Do find a business and a representative that will answer all your questions and one that asks you questions. Every business is different, and a one size fits all merchant account is a bad fit for everyone.
Do ask your representative for a list of clients that process through that company. Ask for names and phone numbers and if you have permission to call.
Do ask for all the rates and qualifications if you are on a tiered or bundled program.
Do ask for interchange qualifications if you are on a pass through program – go to Visa’s site to verify interchange.
Do become PCI compliant no matter how small or large your business is.
Do make sure you understand the fees and provisions of your contract before you sign. If the company you’re thinking about using won’t explain them to your satisfaction, find another one that will.
The “DON’Ts” When You Are Setting Up Your Merchant Account:
Don’t inherently think your local bank has the best service and lowest price just because you are already a customer.
Don’t take any offer you receive without looking at other companies first.
Don’t take the lowest offer you find because it is the cheapest. Go with the business and representative you trust. Processing through a bad company can hurt your business.
Don’t automatically use your accountant’s recommendations without first looking at the company yourself and comparing other options.
Don’t confuse a debit rate with a credit rate. If it is below 1.30% it’s either a debit rate or you’re going to get charged somewhere else.
Don’t sign a lease unless you are 100% sure you want to, and you know how much more it costs than purchasing. Frequently we find merchants who end up paying $4,000-$6,000 for a $300.00 piece of equipment. Be very wary of any company who offers leases – they also are usually in it for just the upfront money and not the long term relationship. At BinglePAY we never lease any of our equipment.
Don’t go with a free terminal program just because you don’t have to pay for the equipment. Processors make up for the lost revenue in other areas, such as monthly or yearly fees.
The “DO’s” After You’re Set Up:
Do check your bank account for the first few weeks to make sure you’re getting your money.
Do check your statements. Ask your representative or company reagrding your first statement to give you a review and make sure everything is as promised.
Do keep your credit card terminal in a safe place away from liquid and heat. Always use a surge protector.
Do control and monitor returns vigilantly. A lot of fraud is committed by employees returning $$ to their own cards. You can ask your representative to password protect that function.
Do keep receipts locked up, allowing access only to privileged individuals.
Do contact your provider or representative if the full credit card numbers are being printed on your customer’s receipt copy.
Do respond to chargebacks or retrieval requests immediately.
Do contact your processor or representative if you need to process an abnormally large transaction. ($1,000 when your normal ticket is $50.00.)
Do contact your processor or representative if you are going to process a large total volume for the month. ($50K when your normal monthly volume is $10K-$20K).
Do display your refund policy in your store and on the customer’s receipt.
The “DON’Ts” After You’re Set Up:
Don’t process your own credit cards through your own merchant account.
Don’t process a payment for another company or individual.
Don’t require a minimum purchase amount for credit card payments.
Don’t ever refund a credit card payment as cash or check. Only return to the card that which was used to make the purchase. Otherwise, the customer can take the cash and still make a chargeback, so you lose twice.
Don’t let anyone reprogram your credit card terminal unless you are absolutely sure they work for your processor.
The “DO’s” After You’ve Been Processing For A while:
Do continue to look at your statements and make sure there is nothing unexpected on them.
Do give your processor one week if you need to change bank accounts.
Do ask your processor or representative for a rate review if your sales have increased dramatically since you first started processing.
Do refer colleagues to your processor if you are satisfied with your service. You can save your friend the trouble of finding a reputable company to process and you may be entitled to a referral fee.
Do keep up with PCI compliance requirements for your business. Costs of a data breach for a non-compliant business is huge.
Do give more than one month’s notice if you need to shut down your account. Make sure you know the terms and conditions of your account. If you need to send a letter, always fax in a letter of termination and call to confirm that it was received and the date is correct.
The “DON’Ts” After You’ve Been Processing For A while:
Don’t close your bank account until your merchant account is connected to a new one.
Don’t wait to contact your processor or representative if something is wrong or you have questions. They work for you, not the other way around.
Don’t neglect to pay your final bill with your processor. You can be put on a Match List, preventing you from ever accepting credit cards again.