How do I update the time on my terminal?
Give us a call at 8886342657, and we will assist you in doing so.
When are fees deducted for credit card processing?
If your account is setup on monthly billing. The end-of-month fees are generated on the last day of each month. The fee posts to your bank account within 2 – 3 business days.
If you account is setup on daily billing. A portion of fees is deducted from your batches on a daily basis. Then the remainder on the last day of each month, and posts your bank account within 2 – 3 business days.
How long does it take to receive deposits for my credit card transactions?
General deposit time is 24 business hours for all card brands, but can vary based upon specific account information.
Who do I contact to order supplies or decals and signage for card acceptance?
Send us an email to firstname.lastname@example.org, chat us directly, or give us a call at 888.634.2657
How do I update my merchant account information (DBA, checking information, address, etc.)?
Give us a call at 888.634.2657, chat us directly, and we will assist you in doing so.
I ran a credit card and it came back as declined. What does this mean and what do I do?
A decline means the card issuer will not allow the transaction to process, and you need to ask the cardholder for another form of payment. We do not recommend attempting to run this card again because card brands prohibit repeated attempts for approval.
Do you supply terminals that are EMV compatible?
Mega M LLC has all of the latest terminals and processing solutions that are available today, including EMV. Give us a call at 8886342657, chat us directly, or email us to email@example.com to inquire about your options,
I am moving locations. Do I need to reprogram my terminal?
The terminal isn't tied to any specific line or phone number at your business location, but we do recommend that you contact us so that we can update our records, as well as the receipts that print from the machine.
Do you have mobile options to process credit cards?
We work with a wide variety of mobile platforms for your smartphone or tablet. Give us a call at 8886342657, chat us directly, or email us to firstname.lastname@example.org to inquire about your options.
Where do I locate my statements?
Your statements can be located online, or mailed to you. Send us an email to email@example.com, chat us directly, or give us a call at 8886342657 and we'll assist you in accessing them.
Monday: 09:00 am - 06:00 pm
Tuesday: 09:00 am - 06:00 pm
Wednesday: 09:00 am - 06:00 pm
Thursday: 09:00 am - 06:00 pm
Friday: 09:00 am - 06:00 pm
Support is available 24hrs 7 days a week
888-634-2657 | firstname.lastname@example.org
Visa, MasterCard and American Express offer free credit card stickers, decals and signage for you to display on your store window or at the checkout. These credit card logo displays will let your clients know that your business makes it easier and more convenient for them to pay. Increased buyer confidence can mean higher sales.
• Order free Visa, MasterCard, Interlink and Plus Mark acceptance decals: www.visafulfillment.com
• Order free MasterCard and Maestro acceptance decals: www.mastercardbrandcenter.com
• Order free American Express decals, signage and supplies: www.americanexpress.com
• Order complimentary JCB decals: www.jcbusa.com
• Order Discovery Signage and Marketing material www.discover.com
EMV® is a global standard for credit and debit payment cards based on chip card technology, taking its name from the card schemes Europay, MasterCard, and Visa — the original card schemes that developed it. EMV cards come with an embedded microprocessor that provides heightened transaction security, card authentication and additional capabilities not possible with traditional magnetic stripe cards.
EMV increases security and fraud protection against counterfeit, lost or stolen payment cards. EMV also enables interoperability with the global payments infrastructure. In other words, EMV cards can be used with any EMV-enabled terminal anywhere in the world.
You are not required by law to support EMV at this time. However, you may be putting yourself and your customers at risk, as fraud liability migrates to non-EMV enabled parties. Fraudsters will be targeting businesses who haven’t implemented an EMV solution. Mega M LLC recommends ensuring that your POS terminal(s) are chip-capable and that your payment processing application can accept EMV chip cards.
Any company with a Merchant ID (MID) that processes, stores or transmits credit card information must adhere to and comply with the PCI Data Security Standard (PCI DSS), created and updated annually by the PCI Security Council. Introduced on September 7, 2006, the Payment Card Industry Security Standards Council (PCI SSC) provides an actionable framework for developing a robust payment card data security process — including prevention, detection, and appropriate reaction to security incidents. The PCI DSS is administered and managed by the PCI SSC , which is independent of the major payment card brands (Visa, MasterCard, American Express, Discover and JCB). Card brands and acquirers are responsible for enforcing compliance, not the PCI Council.
PCI applies to any business that accepts, transmits or stores any cardholder data.
There are four levels of PCI compliance as determined by Visa and MasterCard. These levels are based on the transaction volume (including credit, debit, and prepaid) over a 12-month period. Merchants that have been affected by a security breach which resulted in compromised card data may be escalated to the next level.
Merchant Level Description
1. Any merchant processing over $6M Visa and/or MasterCard transactions per year.
2. Any merchant processing $1M to $6M Visa and/or MasterCard transactions per year.
3. Any merchant processing $20,000 to $1M Visa and/or e-commerce transactions per year.
4. Any merchant processing less than $20,000 Visa and/or MasterCard e-commerce transactions per year, and all other merchants processing up to $1M Visa and/or MasterCard transactions per year.
Yes. All business that process, transmit or store credit card data must be PCI compliant.
An acquiring bank may be fined by the card brands anywhere from $5,000 to $100,000 per month for PCI compliance violations. These fines are passed downstream to the merchant. In addition, your account is subject to many additional costs including lawsuits from cardholders and issuing banks, the reissuance of cards, brand damage and a required forensic investigation. Penalties are not openly discussed nor widely publicized, but they can be catastrophic to a small business. It is important to be familiar with your merchant account agreement, which should outline your exposure.
The PCI Security Standards Council (SSC) defines ‘cardholder data’ as the full Primary Account Number (PAN) or the full PAN along with any of the following elements:
Sensitive Authentication Data which includes full magnetic stripe data, CAV2, CVC2, CVV2, CID, PINs, PIN blocks and more
Here at Mega M LLC, we believe in the importance of PCI compliance to ensure the safety and security of electronic transactions. Merchants that do not comply with PCI DSS will be charged non-compliance fees, and are subject to fines, card replacement costs, costly forensic audits, brand damage, etc., should a breach event occur. PCI Compliance is mandated by the major card brands (Visa, MasterCard, Discover, AMEX and JCB), but is not enforced by any government entity or authority. PCI greatly helps you to reduce your risk of facing these extremely unpleasant and costly consequences.
What is the Form 1099-K?
A 1099-K is the tax form that is given to the IRS to report your processing volume. Mega M LLC also sends a copy to each individual business by tax ID so merchants know what information was reported. To see a sample of this form, click here.
Do I qualify for a 1099-K?
If your merchant account meets both of the following conditions, your business qualifies for IRS reporting:
Processed more than $20,000 in gross sales for goods and services during the calendar year and Processed more than 200 transactions in the calendar year.
These thresholds are based on the combined gross sales volume processed on all accounts that use the same Tax Identification Number (TIN). If you have multiple accounts operating under the same TIN, the processing volume will be combined for all accounts to see if you meet threshold.
How will I receive my 1099-K form?
If you qualify for a 1099-K, your form is physically mailed to you in the month of January for the prior year.
How are the numbers for the Amount and Transaction Count fields calculated?
These numbers are based on your gross sales on the transaction date of the sales. Cash sales are not included in reported numbers. Because of this requirement, the amount shown on the 1099-K will be different from the amount settled into your bank account due to possible refunds, chargebacks or holds. Keep in mind, there are fees that are deducted before funds are deposited into your bank account.
Do nonprofit organizations receive a 1099-K?
Yes. All accounts meeting the requirements, including nonprofits, will receive a 1099-K.
How do I update my account information so everything is reported correctly?
Send us an email to email@example.com, chat us directly, or give us a call at 888.634.2657.
Where can I learn more about Form 1099-K?
IRS Form 1099-K Payment Card and Third Party Network Transactions