Getting Started With Your Merchant Services Account
Accepting credit and debit card payments at your business begins with opening a merchant services account*. At Canada First our goal is to help you set up a merchant services account that’s right for your business, with solutions that will help your business grow.
Your merchant services account allows your business to process electronic payments, bridging the gap between customers, credit and debit card providers and your business.
How Do Merchant Services Accounts Work?
Step 1 | Customer Pays Merchant
Your customer (also known as the cardholder) provides their credit card information to you, the merchant. This can be done using a physical terminal (point of sale system), a mobile app, a website, a virtual terminal or over the phone. All of these methods of processing a payment are referred to hereafter as the “terminal”.
Step 2 | Terminal Connects to Processor
The terminal then connects to your credit card processor (First Data) and sends an authorization request. These requests usually include the credit card number, expiry date and transaction amount. Additional information such as the CVV security code, invoice number, billing information, may also be included.
Step 3 | Credit Card Processing
Your credit card processor (First Data) then determines the type of credit card being used, and connects to the appropriate network (the “card-brand network”). There are numerous credit and debit networks, including Visa, MasterCard, Discover and American Express. It is the processor’s responsibility to maintain a secure connection to each card-brand network.
Step 4 | Transaction Approval
The card-brand network then identifies which bank (the “issuing bank”) the credit card belongs to. The card-brand network contacts this bank to determine if the credit card is valid and has the appropriate funds available. Once approved, the approval code is sent back to the processor and then back to the terminal.
Step 5 | Merchant Receives Funds
At the end of the day, all the processed transactions are grouped together and deposited directly into the merchant’s bank account. Most processors can deposit to any bank account of the merchant’s choosing.
Benefits of Having A Merchant Services Account
Merchants of all sizes get significant financial advantages with a merchant services account:
Your credit and debit card processing account is linked directly with your bank account, with funds appearing within 1 business day if you bank with a major financial institution in Canada.
Process Under Your Operating Name
Customers only see your business’s operating name on their credit card statements, reducing confusion and boosting your brand.
Better Financial Control
Through your merchant services account, you get more control in the event that a customer disputes a charge, with a 30-day window to provide a rebuttal.
Why Use First Data For Your Merchant Services Account
First Data is one of the world’s leading providers of merchant processing services, serving more than six million merchant locations. A wide variety of companies, including gas stations, supermarkets and restaurants, as well as banks and government agencies, come to us for customized payment processing solutions in order to forge better relationships with customers, effectively keep up with the evolution of technology, and compete with the best of the best in the growing world of e-commerce.
Whether you choose to accept payments online, in person, by phone, or with your mobile device we help ensure your organization is ready to accept payments quickly and affordably.
With a First Data Merchant Services Account, funds are typically deposited directly into your chequing or settlement account on the next business day after settlement**.
Merchant Services Account Pricing
First Data offers competitive pricing for Visa®, MasterCard® and Interac debit®.
We also offer a wide range of products and services such as fraud management, gift cards, PCI compliance support and education as well as online and mobile reporting options that can help you manage and grow your business.
Services and Support Excellence
Customer service is a core value at Canada First. Our support team is ready to answer your service questions 24/7, 365 days a year.
Sign Up Today
Experience the Canada First difference. Sign up for a merchant services account today. When you partner with Canada First and First Data, you get so much more than a payment processing provider.
Contact us today to learn more.
*All merchant accounts are subject to credit approval.
**Fund delivery time may be affected by a number of factors, including when you submit your transactions for processing.
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