What you need to know about accepting MasterCard cards.
What is the Credit/Debit Business and how does it work?
How do I begin accepting MasterCard cards?
What is an Acquirer? And why do I need one?
How long does it take before I can start accepting MasterCard cards?
Do I have any responsibilities if I accept MasterCard cards?
What are the benefits of accepting MasterCard?
What type of card programmes does MasterCard offer?
Are there any programmes that will help to grow my business?
Q: What is the Credit/Debit Business and how does it work?
A: Merchants can accept a MasterCard Credit Card or a MasterCard Debit Card. A credit product allows the consumer to make purchases based on an established line of credit received by their card-issuing bank. The credit limit is the spending amount established by the issuing bank based on a consumer credit profile. A debit product allows the consumer to make a purchase based on funds available in their bank account. Debit purchases are drawn directly from the consumer's bank account and show up directly on the consumer's monthly bank statement.
Q: How do I begin accepting MasterCard cards?
A: The first step in accepting MasterCard cards is to contact your bank to identify an acquirer or a Member Services Provider (MSP). You will need to apply for a merchant account with a member bank or one of its agents known as an MSP. MSPs are third parties contracted by some MasterCard-licenced member banks to handle merchant services on their behalf and may function as a sales agent for an acquirer.
Q: What is an acquirer? And why do I need one?
A: Also known as a merchant bank, an acquirer is a financial institution licenced by MasterCard that helps a merchant in fulfilling its processing obligation to accept MasterCard cards. The acquirer is set up to connect and process transactions over the MasterCard network. Acquirers or MSPs either sell their processing services directly to merchants or hire agents to sell on their behalf. However, these agents must be registered with MasterCard and clearly identify the MasterCard member they represent on their business cards and stationery. The merchant agreement should also have the name of the bank clearly identified.
Q: What are the benefits of accepting MasterCard?
A: Whether you're a new business or an established enterprise, card acceptance is likely to have a big impact on your bottom line:
Increased Sales
Consumers spend more when they're not constrained by cash. You could see increased purchases of higher-margin products and specialty items. Plus customers may visit your store more often.
Customer Satisfaction
Your customers will appreciate that you allow them more flexibility to pay the way they want to pay – including by credit or debit card. Happier customers are more loyal customers.
Speed of Checkout
You'll speed your customers through checkout with rapid electronic payment. No more counting change or waiting while customers write cheques.
Improved Efficiency
Card transactions today are conducted electronically – which means no paper. Paperless payments can save time and money by minimising cash handling and payment reconciliation, allowing you more time to manage your business.
Safety
With lower volumes of cash, you're less vulnerable to theft and pilfering.
Currency Conversion
Electronic payments on MasterCard and Cirrus® cards are settled in the currency in which you sell your goods and services, regardless of where the cardholder is from.