Merchant FAQ

How long does it take to get a merchant account?

Getting a merchant bureau account typically takes 5 to 10 business days, longer if you choose to apply directly through a bank. We step you through the application process providing expert guidance and advice.

For new merchants with a limited trading history, our merchant bureau services allow them to get started quickly and build their own payment history over time. Merchants with an established track record can choose to go direct or through our merchant bureau.

Can I get a merchant account if I am not a Limited Company?

Yes, a sole proprietor can obtain merchant status and obtain a merchant account number. Sole proprietors must meet the same criteria as limited companies, demonstrating a trading history and financial stability.

Do I need a merchant number?

Yes, a merchant number (or merchant ID) is a requirement for any type of credit card processing or debit card processing. We can help you obtain a merchant number through our Merchant Bureau Service or you can go directly to your choice of acquiring banks that NETBANX works with in the UK and Europe.

It is important to note that online payments do require a separate merchant ID from your brick and mortar business. The reason is increased compliance requirements for online payment security and data protection.

What is a Merchant Number?

Your merchant number, also called merchant ID or MID, is issued by an acquiring bank to identify your transactions. It’s how the banking system tracks payments and ensures the funds are paid out to your bank account once the transaction has been completed.

When do I get my money?

When you receive your funds varies depending upon your bank agreement. Direct merchants can expect to receive their money within 2 to 3 business days and the standard terms for merchant bureau accounts are 7 days end of week (subject to status).

Do I need a website to accept payments?

In most instances, having a website is not a requirement for taking payments. For example, you can still take payments over the telephone directly or via a call centre service. The only requirement is a merchant number for Mail Order/Telephone Order (MOTO) transactions.

What is a chargeback?

A chargeback is a disputed payment initiated by the customer. Typically, customers dispute charges when the goods are not received or when the charge is not recognised. The cardholder contacts their card issuer to report the charge as a disputed transaction and ask for their money back. The card issuer then contacts the merchant’s acquiring bank to pursue the claim. 

Can any category of business apply for a merchant account?

Yes, any legitimate business can apply for a merchant account if their business falls within the bank’s parameters for acceptance. In line with NEOVIA Financial policy, NETBANX cannot offer services to businesses in the adult sector.

What integration options do you offer?

We offer integration options for all levels of expertise – from off-the-shelf shopping carts which require little or no experience to use, through to bespoke integrations customised to your specific needs.

How do I track payments through my site?

Our NetCentre feature records the details of all the transactions we process for you. It’s easily searchable allowing you to view individual transactions, create summary reports and refund transactions with the click of a button.