WHAT IS A MERCHANT ACCOUNT?
A merchant account is a specialized account that enables businesses to accept various forms of payment, including credit and debit cards, and more. Transactions are held in the merchant account before being transferred to the business's checking account.
WHAT IS THE DIFFERENCE BETWEEN A MERCHANT ACCOUNT & A BUSINESS BANK ACCOUNT?
While both accounts are managed by a bank, a merchant account is used primarily for processing payments, and you typically won't have direct access to the funds like you would with a checking account. Funds in a merchant account are temporarily held before being transferred to your business bank account, usually within 24 to 48 hours.
DOES MY BUSINESS NEED A MERCHANT ACCOUNT?
Whether your business needs a merchant account depends on your operations. GabPay offers alternative payment solutions like ACH processing, eCheck processing, and a P2P wallet if a merchant account is not necessary.
WHAT ARE THE BENEFITS OF HAVING A MERCHANT ACCOUNT?
Having a merchant account offers several advantages, such as:
Providing customers with flexible payment options, including credit, debit, and digital wallets.
Demonstrating a well-established business with a verifiable sales history.
Accessing additional security measures available through the merchant account.
WHAT IS THE COST TO OPEN A MERCHANT ACCOUNT?
At GabPay, there are no upfront charges associated with opening a merchant account. However, costs may arise if you require a point of sale (POS) system.
HOW MUCH DO MERCHANT ACCOUNTS COST?
Merchant account pricing depends on various factors, such as business type, transaction methods, and transaction volume. GabPay is committed to providing competitive rates tailored to your business needs.
An impressive 99% of our applications lead to significant savings for our merchants compared to our competitors' pricing. This is a result of our commitment to fair pricing, unlike many others in the industry. As strong believers in the #ParallelEconomy movement, we prioritize passing along these savings to our valued clients.
WHAT DO YOU NEED TO OPEN A MERCHANT ACCOUNT?
To open a merchant account, the following documents are typically required:
Checking account information (voided check or bank letter)
Business License (if required by your state)
Federal Tax ID or EIN number
Financial statements (bank statements/previous processing statements)
In rare cases (high-risk), additional documentation may be requested, such as marketing materials, business plans, return and shipping policies, inventory reports, website access, and more.
IS IT DIFFICULT TO GET APPROVED FOR A MERCHANT ACCOUNT?
Obtaining approval for a merchant account is not difficult. GabPay has experience working with various businesses, including those considered high-risk. The approval process may require different documentation depending on the business type.
HOW LONG DOES IT TAKE TO OPEN A MERCHANT ACCOUNT?
If you are in the United States, opening a merchant account typically takes 24 to 72 hours, depending on your business type. Outside of the U.S., times vary and can take as long as 1-2 months.
WHY DO DEDICATED MERCHANT ACCOUNTS TAKE SO LONG? PAYPAL IS MUCH FASTER!
By opting for a DMA (Dedicated Merchant Account), you'll enjoy several advantages over using a payment facilitator (payfac) like PayPal or Stripe.
Here are some key benefits of choosing our dedicated merchant account services:
Competitive Pricing: With our DMA, you'll benefit from lower transaction fees, typically around 2%, compared to the 3-3.5% charged by most payfacs. This can result in substantial savings for your business over time.
Customized Solutions: Our DMAs offer tailored solutions to meet your specific business needs. We provide customized pricing, payment options, and reporting features that can help improve your overall operations and efficiency.
Enhanced Security: Our DMA services include advanced security features and fraud prevention tools, ensuring the protection of your customers' sensitive information, which can help build trust and maintain a positive reputation in the market.
Dedicated Customer Support: With a DMA, you'll have access to personalized customer support, ensuring that any issues you encounter are resolved quickly and efficiently. This level of support is often not available with payfac providers.
Scalability: As your business grows, you'll need a payment processing solution that can scale with you. Our DMAs offer the flexibility to accept more payment types and currencies as you expand into new markets.
Advanced Reporting and Analytics: Our DMA services come with comprehensive reporting and analytics tools, helping you better understand your sales trends, optimize your pricing strategies, and make more informed business decisions.
A Team Effort: We often set up complimentary consultation calls with our top-notch team of experts. You'll get direct access to some of the brightest minds in the industry, including professionals with inside knowledge and experienced bankers. So, before your next major project takes off, make sure to get valuable insights on the payment aspects of your business, all included with your DMA. You can't get this with a payfac like PayPal or Stripe.
CAN AN INDIVIDUAL OPEN A MERCHANT ACCOUNT?
Yes, individuals can open a merchant account using their name or a DBA (Doing Business As). This is suitable for small businesses, contractors, and freelancers operating as sole proprietors.
EQUIPMENT AND POS?
GabPay offers various payment solutions to cater to different business needs. For retail businesses, we provide standalone terminals and full cash register POS systems. For e-commerce businesses, we work with several gateways to ensure secure website integration.
HOW DO I OPEN A MERCHANT ACCOUNT WITH GABPAY?
To open a merchant account with GabPay, complete our pre-application form, and a member of our business development team will contact you to discuss your payment processing needs.
I ALREADY HAVE A MERCHANT ACCOUNT; WHAT MAKES GABPAY DIFFERENT?
First, GabPay will not tell you what you can or cannot say online. We are not woke, and firmly believe in the right to free speech. Second, GabPay is dedicated to offering competitive rates and personalized customer service. By choosing GabPay, you're not just supporting the #ParallelEconomy movement - you're becoming part of it.
WHAT TYPES OF BUSINESSES DOES GABPAY SUPPORT?
GabPay supports a wide range of business types, including retail, e-commerce, restaurants, professional services, and more. We also work with both low-risk and high-risk businesses, offering customized payment processing solutions to meet each business's unique needs.
WHAT PAYMENT GATEWAYS DOES GABPAY INTEGRATE WITH?
GabPay integrates with various payment gateways to ensure compatibility with your existing e-commerce platform or website. If you don't see yours on our list, contact our support team to discuss the specific payment gateways compatible with your business.
WHAT TYPES OF CARDS AND PAYMENT METHODS CAN I ACCEPT WITH GABPAY?
With GabPay, you can accept a wide variety of payment methods, including major credit and debit cards (Visa, Mastercard, American Express, Discover, JCB, and more), as well as digital wallets. Additional payment options may be available depending on your business type and requirements.
WHAT SECURITY MEASURES ARE IN PLACE TO PROTECT MY BUSINESS AND CUSTOMERS?
GabPay adheres to strict security standards, including compliance with the Payment Card Industry Data Security Standard (PCI DSS). We also offer advanced fraud prevention tools and utilize encryption technology to protect sensitive payment data during transactions.
DO I NEED TO SIGN A LONG-TERM CONTRACT WITH GABPAY?
In most cases, no. GabPay offers flexible options to accommodate the needs of your business. Contact our support team to discuss specific contract terms and find a solution that works best for you.
HOW CAN I VIEW AND MANAGE MY TRANSACTIONS AND REPORTS?
GabPay provides an online portal where you can view, manage, and analyze your transactions and reports in real-time. This easy-to-use platform allows you to monitor your sales, refunds, chargebacks, and other payment activities to help you make informed business decisions.
WHAT CUSTOMER SUPPORT OPTIONS DOES GABPAY OFFER?
GabPay is committed to providing beyond-excellent customer support through various channels, including phone, email, and chat on gab social. Our dedicated support team is available to assist you with any questions or issues related to your merchant account and payment processing.
CAN GABPAY HELP ME WITH CHARGEBACK MANAGEMENT AND DISPUTES?
Yes, GabPay offers support and guidance for managing chargebacks and disputes. Our team can help you understand the chargeback process, provide advice on preventing future chargebacks, and assist you in mitigating chargebacks through our chargeback management software.
IS GABPAY COMPATIBLE WITH MY CURRENT POS OR E-COMMERCE PLATFORM?
GabPay is designed to be compatible with a wide range of POS systems and e-commerce platforms. Contact our support team to discuss the specific requirements and compatibility options for your existing system.
CAN I PROCESS RECURRING PAYMENTS AND SUBSCRIPTIONS WITH GABPAY?
Yes, GabPay supports recurring payments and subscription-based billing, allowing you to offer your customers the convenience of automated, recurring transactions for memberships, subscriptions, and other ongoing services.
WHAT KIND OF ANALYTICS AND REPORTING TOOLS DOES GABPAY PROVIDE?
GabPay offers robust analytics and reporting tools through our online portal, allowing you to monitor sales trends, customer demographics, transaction details, and more. These insights can help you optimize your business strategy, improve customer satisfaction, and increase revenue.
CAN GABPAY ASSIST WITH MIGRATING MY EXISTING MERCHANT ACCOUNT?
Yes, GabPay's support team can help you transition from your current merchant account provider to our platform. We will guide you through the migration process, ensuring minimal disruption to your business operations.
HOW CAN I UPDATE MY BUSINESS INFORMATION OR ACCOUNT SETTINGS WITH GABPAY?
You can update your business information or account settings by logging into the GabPay online portal or by contacting our customer support team for assistance.
WHAT ARE THE FEES ASSOCIATED WITH CHARGEBACKS AND REFUNDS?
GabPay's chargeback and refund fees vary depending on your business type and processing history. Please contact our support team to discuss the specific fees applicable to your merchant account.
CAN GABPAY HELP MY BUSINESS WITH PCI COMPLIANCE?
Yes, GabPay can assist your business in achieving and maintaining PCI compliance. We provide resources and guidance to help you understand the requirements and implement the necessary security measures to protect your customers' payment data.
HOW CAN I TERMINATE MY MERCHANT ACCOUNT IF I DECIDE TO STOP USING YOUR SERVICES?
To terminate your merchant account with GabPay, please contact our customer support team. They will guide you through the termination process and ensure that all outstanding transactions and fees are settled before closing your account.