Frequently Asked Questions

Is licensure or registration required for a company to process credit card transactions? Yes. A company must be registered as an agent of a member bank in the Visa/MasterCard associations. They must also be certified as an Independent Service Organization with Visa and a Member Service Provider with MasterCard. MTG is an agent of the Bank of New Hampshire, N.A. and has received the required certification from both Visa and MasterCard. Top of Page

Will I have to purchase new equipment or software to process credit cards through MTG? Unlikely. MTG is compatible with virtually every electronic terminal, printer and point-of-sale software on the market. A simple terminal reprogramming is all that's required. Top of Page

Are there any application or set-up fees? No. Even terminal reprogramming is provided free of charge by MTG. Top of Page

Is there a cost for supplies? No. Standard supplies are free of charge. Top of Page

When I accept a credit card transaction, how long will it take to be deposited into my bank account? Two business days. Monday's transactions are deposited on Wednesday, Tuesday's transactions on Thursday, Wednesday's on Friday and Thursday's on Monday. Because the Federal Reserve is closed on the weekend, Friday's, Saturday's and Sunday's transactions are deposited on Tuesday. Top of Page

Does MTG provide me with any kind of statement to reconcile the deposits that result from my credit card transactions? Yes. You will receive a statement on approximately the 5th business day of the following month summarizing your previous month's credit card activity. Top of Page

When and how are processing fees paid? They are debited from your direct deposit account about the same time that you receive your statement - approximately the 5th business day of the following month. As with your statement, the debit is a summary of the processing fees from the previous month's credit card activity. Top of Page

How long does it take to begin credit card transactions through MTG? A few days. A simple application needs to be completed and submitted - most are approved in 24 to 48 hours. Once approved, it's a matter of scheduling a time for an MTG representative to install or reprogram your terminal. Top of Page

 

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Midwest Transaction Group
Lansing, Michigan, USA · Phone: 1.888.599.2209
info@midtrans.com

MTG is a registered agent of
Paymentech, L.P. Dallas, TX
and a member in good standing in the
national Electronic Transactions Association

© 2005 MTG, all rights reserved.