The questions we are

asked most often.

The credit card industry can be complex and confusing. We know you have questions. We have answers.



Frequently Asked Questions

What you probably did not know is that when you apply for a merchant account you are actually applying for a line of credit. This is why merchant service providers are required to run a credit report on the application prior to the issuing of the account.

The credit card processing industry is very complex and there are many working parts to the equation which allows a customer to make a purchase in your store today and the funds for that transaction magically appear in your bank account 24 hours later and in some cases within hours.


ACQUPAY is a registered ISO/MSP Independent Sales Organization Merchant Service Provider registered with USBank with processing services provided by Elavon.

How do I apply?

You can apply here.

Are there any start up fees to get my service up and running?

At ACQUPAY there are NO application or start-up fees. If you are setting up a brand-new account or need to replace current equipment, there may be a charge for equipment. If your business qualifies we may supply a terminal free of charge for as long as you process with ACQUPAY.

Do I need a business license?

If you have business license, we would like a copy. Supporting business documentation requirements vary bank by bank. In some cases, Articles of Incorporation or if a LLC Articles of Organization may suffice. A business license is one way for our banks to complete KYC (Know Your Customer) and AML (Anti Money Laundering) rules set into place since the attacks on the World Trade Center.

Do I need a business checking account?

Yes, if the business entity is a corporation or limited liability company (LLC). If you are operating your business as a sole proprietor, you may use either your business or personal checking account provided your business name is on the account. A void check or bank letter confirming the account will be requested at the time of application.

What if I have less than perfect credit?

Technically, your personal credit score does not affect your merchant account rates, but if you are not credit worthy and a processor chooses to approve the account you may be charged a higher rate due to the fact that the processor is taking a chance where another provider may not. You need to remember that a merchant account is not a guaranty. We try our best to approve 99% of applications submitted.

What credit cards will I be able to accept?

You will be setup to accept Mastercard®, Visa® American Express® and Discover® and JCB®.

Can I use a smartphone or tablet to process credit cards?

ACQUPAY offers processing solutions that allow businesses of any size to accept payments with a tablet or smartphone. You can consolidate all of your payment acceptance methods – cash, checks, credit and debit – into one system that processes transactions through a single gateway, giving you real-time access to all your payments from any location – in-store, online or mobile. Inventory information can be added to the system at the point-of-sale, and you have control over which employees can use the system and which functions are available to them. Updates and upgrades are self-directed from our easy application and require no special technician or IT assistance.

How do I receive funds for transactions processed?

When you enter card information or swipe a transaction into your physical or virtual terminal you will receive an authorization from the processor to complete the sale and issue a receipt to the customer. The card issuer bills the cardholder’s account and pays the processor. Then ACQUPAY deposits the transaction proceeds into your bank account, typically within 24 to 48 hours, though this may take longer for high-risk businesses.

When do I receive funds for transactions processed?

Typically, within 24 to 48 hours. Some merchants may qualify for same day funding in which case you will receive funds for processed transactions within hours of a batch being closed.

Can I contact customer support if I need help?

Yes! Our U.S.-based customer support team is available 24/7. You can reach our live merchant assistance department here.

Do I receive a statement?

Yes. During the first week of the month you will receive a detailed statement by mail and/or email that includes your payment processing information for the previous month, including all deposits, charges and total sales volume. You can also access your data online for the most up-to-date information.

Can I use my equipment if I already have a terminal/gateway?

In most cases, yes, providing we are able to reprogram your equipment. If the equipment is no longer Payment Card Industry Data Security Standard (PCI DSS) or EMV compliant, you will need to replace it.

What rate am I going to pay?

With over 200 different interchange rates charged by the card brands based upon the card presented it is nearly impossible to tell you what every card will be charged for every transaction. The rate that a merchant pays varies on which type of card is presented to make a purchase, and in what business you operate. Because each merchant has unique needs, our processing services are customized according to the specifics of their business.

How long will it take to approve my merchant account?

Most retail businesses are set up quickly, usually within 48 to 72 hours. Larger volume businesses may take longer due to supporting documentation requests, KYC (Know Your Customer) and AML (Anti-Money Laundering) rules and regulations. There are many factors involved in setting up a merchant account including credit checks and bank verifications, but account are usually set up within 2-3 days of completing an application.

I am currently processing – when do I tell my previous processor that I no longer need that account?

It is best to wait until your merchant account is approved and setup before closing your previous account. This is suggested so that you do not have any downtime while making your transition.

What are Dues and Assessments?

Dues and Assessments are charged by the card brands for each transaction that you process this includes a discount rate and a transaction fee. ACQUPAY and the Processor collect this fee and pass it to the card brands.

What is Interchange?

Interchange are the costs that are set by Visa and Mastercard for the merchants to accept transactions. These rates are non-negotiable and must be paid by any merchant, no matter what the size, that chooses to accept credit cards.

What is a PCI Non-Compliance fee?

Non-Payment Card Industry Compliance is a fee that is paid by every merchant account owner that fails to provide PCIDSS compliance. PCI DSS shows that your business is maintaining proper security standards.

How do I pay ACQUPAY?

You do not have to pay ACQUPAY separately for any of its processing services. All fees are collected from the credit card presented at the time of sale at your business.

When does the processor bill me?

There are two ways that processors collect their funds for transactions processed by your business. The first is referred to as “Daily Discount.” Daily Discount is when the discount rate is deducted from each transaction processed. “Month-End Billing” is when there is no deduction of discount rate from any transaction processed and your account is billed for all transactions processed in the first week of the next month.

Why do I need a reserve?

Some processors ask for a reserve to cover any potential losses or chargebacks that may occur with your approved merchant account. Reserves are used to offset risk associated with a specific type of business or industry. There are two different types of reserves: A “Rolling Reserve” and a “Static or Upfront Reserve.” A Rolling Reserve is a percentage collect from each batch processed held by the processors for six months. The amount collected in month number one will be returned in the seventh month and this process continues month-after-month. A Static or Upfront Reserve is when a processor ask for a lump-sum either taken from the first month of processing or a merchant sends the requested amount prior to the account being opened.

When will I get my reserve back?

Most reserves are paid back to a merchant six months after the last transaction is processed. Merchants need to know that chargebacks are considered transactions. What this means is even if your do not process transactional volume for three months and you receive a chargeback three months later the six months starts from date the chargeback received.

Why Choose ACQUPAY?

Discover why our merchant services are a cut above the rest
Secure Payments

The data of our merchants and their customers are always protected with advanced data security.

Expert Guidance

Our team of specialized experts provide the software configuration that works best for your business.

Competitive Rates

Stop paying overpriced commissions — we offer the lowest processing rates and no hidden fees.

Dedicated Support

Receive ongoing service and on-demand support for any requests, repairs, and general assistance. 

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