Frequently Asked
Questions
Who is Innovative Merchant Solutions?
What type of businesses do you accept?
What if my application is denied?
What if I have questionable credit?
My business is located outside the United
States. Can I still sign up for an Innovative merchant account?
What will I need to apply?
How do I find out the status of my application?
Do I need to open a new bank account for my
merchant account?
Which credit cards will I be able to accept?
I have a merchant service account through
another bank. Should I cancel my account before I apply?
Will I need to purchase any additional equipment
or a terminal?
How do I reprogram my terminal?
Will I be trained on the software or hardware I
use to process transactions?
Will I receive a statement?
What is a discount rate?
Is the discount rate the same for all
businesses?
Is there a transaction fee?
What is the Address Verification System?
Who is Innovative Merchant
Solutions?
Founded in 1999, Innovative Merchant
Solutions (IMS), is a provider of credit card and debit card processing services for small
businesses. In 2003, IMS joined forces with Intuit Inc., the industry leader in helping
small businesses better manage their finances.
We will contact you within 24 hours (not including weekends
and holidays) to let you know which credit card processing program you have qualified for, answer any questions
you have, and complete your application.
What type of businesses do you accept?
We accept retail, professionals, trade shows, mail
order, telephone order, Internet-based, and home-based businesses.
What if my application is denied?
Very few applications are denied. In
addition, there is no application fee. If your application were declined, it would be at
no expense to you.
What if I have questionable credit?
Credit is not always the determining
factor in our approval process. If your credit is questionable, we have some options
available to you so your account can be approved.
My business is located outside the United
States. Can I still sign up for an Innovative merchant account?
Unfortunately, no. Only US-based
companies with a U.S. bank account can use Innovative Merchant Solutions.
What will I need to apply?
You will need the following information
about your business:
- Business information (Tax ID, physical mailing address)
- Owner/principal information (contact and identifying
information)
- Account information (bank account, funding information)
- Estimated credit card sales and existing credit card
processing information (if applicable)
- Current terminal model number
How do I find out the status of my
application?
If you've already applied and have
questions about the status of your application, please call us.
Do I need to open a new bank account for
my merchant account?
No. The funds you collect from credit
card transactions are deposited directly into the bank account of your choice. Funds are
usually available within 2 business days.
Which credit cards will I be able to
accept?
We set you up to accept
MasterCard, Visa, Discover Card and bank ATM debit cards. You can apply for American Express
at the same time. If you would like to accept American Express there is
$50 set up charge.
I have a merchant service account through
another bank. Should I cancel my account before I apply?
In order to assure uninterrupted
processing, DO NOT cancel your existing merchant service until you've been approved and
ready to process with Innovative Merchant Solutions. At that point, you can choose to
cancel your existing service.
Will I need to purchase any additional
equipment or a terminal?
Terminal Service: It depends. You
can use your existing terminal–and reprogramming is FREE.1 Just call us
for assistance. Don't have a terminal, get one for a great price. Learn more about our terminals.
PC Service: No — we provide you
with FREE virtual terminal software, which lets you use your PC to manually key-enter card
information, plus also lets you process sales anywhere there's an internet connection. You
can also select the QuickBooks Merchant Service, which lets you manually key-enter card
information right in your QuickBooks software.2
Internet Service: No — we provide
you with FREE gateway software, which lets you take sales over the Internet plus lets you
manually key-enter card sales anywhere there's an internet connection.
How do I reprogram my terminal?
One of our Activation team members can assist
you with reprogramming. Just call us for help.
Will I be trained on the software or
hardware I use to process transactions?
We provide full technical support and our
experienced customer service representatives and tech support are available 24/7/365.
Will I receive a statement?
Yes. A statement is mailed out monthly. It
contains information on all deposits into your account, your total sales volume, and the
charges for the month.
What is a discount rate?
Every bank charges a discount rate. The
discount rate is the percentage of each transaction that the processing company charges to
handle the transaction for you. Our discount rates are exceptionally low for retail
(swiped), mail/telephone order, and Internet merchants.
Is the discount rate the same for all
businesses?
No. Credit card transactions that are
keyed-in are considered higher risk since the card is not present at the time of the sale.
Merchants who do a lot of keyed-in sales (for example, mail/telephone order and
Internet-based businesses) experience a higher discount rate than retailers where cards
are physically presented and swiped.
Is there a transaction fee?
Yes. Credit card processing includes both a
discount rate and a transaction fee.
What is the Address Verification System?
If you sell via mail/telephone order, or through the
Internet, you don't want to send a product to a false address and risk a chargeback. The
Address Verification System (AVS) lets you enter the customer's home address and compares
it to the address on file with their credit card company. If someone uses a stolen card,
and wants products shipped to a false address, AVS will detect this for you.
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