MEMBER PROFILE

Amy Walton

Amy Walton got a loan for a new car before she started looking. “I called the Anytime LoanPhone. It only took 10 minutes and I was tentatively approved right away, pending confirmation of my information. When I found the car I wanted, the dealer told me I could get a better rate through dealer financing. He made me an offer that was ¾ % less than my Alternatives loan. I called Amy Smith, my loan officer, and she matched that rate immediately. I had no idea that Alternatives has a policy of matching rates to stay competitive. I was really glad. This policy allowed me to keep all my banking at Alternatives.”

Alternatives FCU offers Merchant credit card processing to its business members. Businesses who wish to accept credit cards can have credit card transactions deposited directly into their business account. The fees associated with card processing are competitive.

The initial fees are currently $50 to open a merchant account and $10 per month statement fee charged regardless of activity. In general, the fees for processing a credit card transaction are 1.91% to 3.25% of the transaction amount plus $.35 per transaction, or $.75 if you call the transaction in manually by phone (dial pay) or $.95 for a voice authorization transaction. Actual charges vary by "business category" and by "transaction type". Also the time for depositing credit card charges can vary.

For example, a $100 retail transaction completed on Tuesday would result in approx. $97 deposited directly into the business account on Thursday or Friday.

The equipment needed for processing credit cards includes preprinted forms, and a manual imprinter (aka "knucklebuster") which comes with your enrollment kit. Transactions can either processed over the phone or by using a card-swipe terminal that requires a phone hookup. Card-swipe terminals can be purchased at time of application, or at a later date for $350 to $400.

When you are ready to set up a merchant account you can get started by downloading and completing the forms listed below.
Should you have questions contact the Credit Union 216-3446 or email bob@alternatives.org.

Applications for Merchant Credit Card account
To begin processing credit cards, businesses must provide the following information in their merchant account application.
1. Two application forms* to be completed and signed by the business owner(s).

• Application instructions
• Merchant Account Application Form
• Mail order telephone order form
• Patriot Act form
  

2.A copy of a DBA certificate, or a monthly statement from an existing card processor.
3.A copy of a driver’s license of the business principal(s).
4.A voided check from the business account -- to correctly route deposits
Possible other documentation as needed*.

Product sheets of merchant card processing machines
Enrollment Kit will be shipped to you once your merchant account is approved.

The equipment needed for processing credit cards includes preprinted forms, and a manual imprinter (aka "knucklebuster") which comes with your enrollment kit. Transactions can either processed over the phone (called "DIALPAY") or by using a card-swipe terminal that requires a phone hookup. Card-swipe terminals can be purchased at time of application, or at a later date for $350 to $400.

Sample terminal information can be downloaded below:

T7 Plus
Omni375

* Completed application forms may be specific to the type of business. A credit report on business principals is typically obtained in processing your merchant card application. It usually takes a full week to get up and running with a credit card account.