Q:
What is a merchant account?
A
merchant account is the authorization
to process credit cards granted by a
financial institution. It usually
includes the processing of the
transactions, and the deposit of funds
(repayment) to the merchant's bank
account.
Q:
Does a merchant need to open a new bank
account to use a
1stWorldCardService.com Merchant
Account?
No.
The 1stWorldCardService.com payment
system will work with any existing bank
account in the world.
Q:
Do I need to be incorporated in the US?
No.
1stWorldCardService.com is the only
institution that can open a merchant
account for a business in any country
Q:
What is a payment gateway?
A
payment gateway is a service that links
a website with a merchant account. It
enables the real-time processing of
credit cards.
Q:
What is a repayment?
A
repayment is the action in which
1stWorldCardService.com transfers the
revenue generated by the merchant's
website to the account specified by the
merchant.
Q:
Which services are included in the
1stWorldCardService.com contract?
1stWorldCardService.com
services include: The acquisition of a
merchant account The transaction
software, The installation of the
transaction software on the
1stWorldCardService.com server The API
software that needs to be installed by
your technician on your website's
server The execution of your website's
transactions The payment gateway The
access to your virtual terminal and
account manager (statements) The
automatic repayments of your
transactions on your website.
Q:
Does a 1stWorldCardService.com merchant
need to get a gateway service on top of
1stWorldCardService.com?
No.
1stWorldCardService.com integrates the
payment gateway and will be directly
integrated with your website.
Q:
What are the conditions to be accepted
for a 1stWorldCardService.com merchant
account?
1stWorldCardService.com
opens merchant accounts for all legally
existing companies, who exercise legal
commercial activities, in almost any
country in the world.
Q:
How does the 1stWorldCardService.com
system work with my website?
1stWorldCardService.com
is an integrated payment system: it
contains both gateway and merchant
account, already integrated with one
another. Your technical contact only
needs to install a software program
(called API) on the server where your
site is hosted, and to write a simple
program (called script) that will
interface your payment page with the
API software program. However, if you
are using Open Market's ShopSite as
catalog software, the integration is
automatic.
Q:
How can the merchant's customers be
secure when they give their credit card
number on the Internet?
There
is a standard for security in the
Internet industry, called SSL. If SSL
is installed on the server where your
website is hosted, your customer's
credit card information will be secure.
1stWorldCardService.com recommends that
you ask your ISP for SSL.
Q:
Does a merchant need a vendor other
than 1stWorldCardService.com for a
payment system?
Because
1stWorldCardService.com is an
integrated solution, which will plug
into any website. It provides you with
the banking authorization to accept
credit cards, and also the Internet
software to connect your website to the
credit card network.
Q:
How long does it take for my payment
system to be up and running?
Payment
systems can be up and running in as
little as 5 working days, once your
website is ready to go. This depends on
the speed with which your technical
contact installs the payment API on the
server where your website is hosted.
Q:
What happens if a customer's credit
card is invalid?
The
transaction will not go through. The
customer will be informed that the
transaction failed.
Q:
Does a merchant receive an e-mail every
time a customer purchases something on
my website?
This
depends on the settings of your
website. Most e-commerce software
allows you this option
Q:
When is the transaction processed?
The
transaction is processed in real time.
There is no batch process, as with
other systems.
Q:
In which currency can I accept
repayment?
Usually,
merchants want repayments in the same
currency that is accepted on the
website. Yet, it is theoretically
possible to have the money wired in a
different currency (for instance, a
website would accept payments in
Deutsche Marks, but the money would be
wired to the merchant in Brazilian
Reais. Yet in that case, the merchant
assumes the currency exchange risk.)
