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Merchant Account Application – Swipe Percentages
The Swipe Percentages are some of the most important figures on the Merchant Account Application. The Swipe Percentages provide a breakdown of how credit cards will be accepted, and are broken down into three major categories.
Store Front/Swiped – This includes any transaction in which the credit or debit card is swiped through a terminal or magnetic reader in the presence of the customer. This includes wireless terminals.
Telephone Order/Mail Order – This includes any transaction in which the credit card information is manually keyed into the terminal. Traditionally, this type of transaction was most commonly performed when a customer placed an order over the telephone or mail and the merchant manually keyed the credit card information into the terminal. The Virtual Terminal also falls into this category. A merchant using a virtual terminal will manually key the credit card information into a computer software program.
Internet – This includes transactions where the customer enters their credit card information directly onto an Internet site. A transaction completed using an Internet Shopping Cart falls into this category. Occasionally an applicant will mistakenly think this question is asking the percentage of advertising that will be done on the Internet. But don’t get the two confused. This question is asking what percentage of sales will be completed by customers who will input their credit card information directly into an Internet Site. It doesn’t have anything to do with advertising.
It is important to provide an accurate estimate of the Swipe Percentages when applying to accept credit cards. At times it can be difficult to estimate these figures, especially for a new business. If you are not completely certain about the figures than provide your best estimate.
And remember that whether you are a traditional retail store or an Internet merchant, Best Merchant Rates offers Large Corporate Pricing to everyone. We are the first company in the payment processing industry to extend Large Corporate Pricing to everyone, regardless of how you accept credit cards.