Frequently Asked Questions

What documents will MSNI ask for to open a new account?

When opening a new account, there’s a few things we’ll always need:

  1. Voided Check, or proof of your bank account in the form of a bank letter, signed by your bank representative.
  2. Proof of your legal entity, typically in the form of an IRS letter or any other document showing your EIN or Taxpayer ID number
  3. Copy of the driver license of all the signers.

Depending on the nature of your business, it's possible that our underwriters may have additional documentation requests. They're not as common, but we may request to see bank statements, tax returns, financial documents, or business contracts to verify or confirm certain information. Because credit card processing is essentially a service of micro-loans, our underwriters will want to ensure that all new accounts meet their internal risk requirements and don't pose any future concerns. We'll certainly let you know if and when our underwriters have additional documentation requests.

How long does the setup process take?

Usually, a new merchant account setup can be happen in 2-3 business days, after receiving all of the requested documentation. MSNI is happy to “rush” the process for any application, meaning that under the right circumstances, a new account setup can happen within one day. However, how long the process takes is dependent on you, the merchant!  When you open a new merchant account, we’ll request certain documentation from you in order to comply with Federal regulations, and so that we can properly assess how your account will be used.

What is Interchange-Plus Pricing?

It's the fairest model out there.
Interchange-plus pricing works by adding a constant, flat margin on top of Interchange (True Cost). So typically, Interchange-plus pricing models will also be written in the two component format, with a percentage fee and per-transaction fee above Interchange. This allows merchant service providers to price their accounts fairly, because merchants who process at higher volumes will pay more fees, but only proportionately. The same goes for smaller merchants. By offering a constant margin, smaller merchants are not penalized for processing minimal amounts.

What is a Merchant Account?

A merchant account is a business account with a bank, that allows a business or non-profit organization to accept credit card payments in exchange for their product or service. In order to accept major credit cards through a terminal or on your website, you’ll need a merchant account.

How Is MSNI Different Than The Competition?

Transparency —

No secrets, surprises or deception here. The code word is transparency on all fronts. We explain the mysterious world of payment processing, how Interchange Pricing works. This is how MSNI is different than the competition.

We’ll give you a free, full-disclosure rate comparison, line-item by line-item. We’ll share our assumptions, and we’ll even tell you if our rates are not the most competitive. We’ll point you in the right direction regardless of how it impacts us. You can count on:

  • Posted pricing & terms and full-disclosure on policies.
  • Low & fair fixed rates.
  • No early termination fees, and we ensure you we only pass through industry rate increases.
  • No faulty lead-ins, such as “free terminal” and then make up for it in higher rates, onerous long term commitments, leasing fees, etc.

Single point of contact —

Call us, and real people answer the phones. We’re authentic, we care, and we’re trained. As a small business you’ll know us on a first-name basis, and we’ll take your concern, issue or problem through to resolution.

We recognize how payment processing issues affect your business in real-time, and the urgency that can be felt. Also, we do not have commissionable salespeople, so there is no incentive to treat one referral differently than another, or give priority to one account over another.

Current equipment at wholesale cost —

It is simple that we provide you equipment at a wholesale price plus tax and shipping. There are no contracts or additional margins. The terminals start from $199 with EMV capability.

What is batching out?

The process by which the merchant and cardholder’s banks exchange transaction data, resulting in the depositing of funds into your specified bank account. Most of our accounts are set up with auto close of the batch. We will go over with you in detail at the time of sign up.

What about technical support?

MSNI has a team of trained technicians ready to assist you and answer any questions or concerns that might arise included as part of our service.

Can I put my account in test mode?

Both our Internet payment, gateway and terminals can easily be put into test mode. It’s a great way to practice the use of your terminal or test the web sites payment gateway configuration before you launch your site.

How long until the money reaches my bank?

All terminal funds are deposited in 24-48 hours after the batch has been closed. Internet payment gateway accounts will take an additional one day to reach your bank account

Do I get a Statement?

Yes, a monthly statement is generated that is detailed with your daily batches and all you rates and fees. You will receive this on a monthly basis. 

On-line Reporting

Yes on line reporting is available, ask you representative for details. Batch information, deposits and chargeback information and statements can all be viewed.