Merchant Accounts

What is a merchant account? The simple answer is that a merchant account is a service provided to you by a processor that allows your business to accept credit card payments. Although often confused with a bank account, a merchant account does not 'store' any funds. The merchant account is used as a 'pass-through', where credit card transactions are approved and sent to your regular bank account.

Is a merchant account transferable between different processors?

No. This is because merchant accounts are an agreement between your business and a processor. If you are switching processors, you would close your current account and open a new account with your new processor. This is comparable to switching banks, where you would close your old bank account and open a new one at your new bank.

Do I need to switch bank accounts?

No. Your Helcim merchant account is compatible with any bank or credit union in Canada. Settlements are performed daily and your funds are deposited straight into your current bank account.

How long does it take for the funds to reach my bank account?

If you have a bank account with a major Canadian bank, you should see your funds in your account within the next business day. Credit unions and smaller provincial banks can take up to 2 business days.

What are the fees?

Visit the rates & fees section to learn more.

What is a 'chargeback'?

A chargeback occurs when a customer disputes the charge that was made on their credit card. Most chargebacks are due to stolen credit cards, although some are the result of the customer never receiving their purchased product or service.

In the event of a chargeback you are given 30 days to contest the claim by providing evidence of the transaction, such as a signed receipt or proof-of-delivery.

What about American Express and Discover?

By default, a merchant account allows a business to accept Visa and MasterCard transactions. Other card brands such as American Express and Discover can also be added to the merchant account. However, these card brands work a little differently. The processor will authorize the transaction, but transaction fees are billed directly by American Express and Discover.