Frequently Asked Questions
1. How do I apply for a merchant account?
Click here to get started
2. How do I request more information?
Complete the Contact Us info Contact Us
4. What types of merchants does Magnify Payments approve?
We work with a broad range of business types; ranging from low to high risk,
5.How long before I can start accepting credit cards?
Low-Risk merchant accounts are generally approved within 1-2 business days. Due to wide-ranging variables, approval timelines for High-Risk merchants are on a case-by-case basis. Following approval and activation, all merchants may being processing
6. What is PCI DSS?
The Payment Card Industry (PCI) Data Security Standards (DSS) is a set of requirements for enhancing payment account data security. These standards were developed by the PCI Security Standards Council, which was founded by American Express, Discover Financial Services, JCB International, MasterCard Worldwide and Visa, Inc., to facilitate industry-wide adoption of consistent data security measures on a global basis.
7. What am I required to do to certify my account is PCI compliant?
The minimum requirement is that you complete a PCI DSS self-assessment questionnaire on an annual basis. If you electronically store cardholder information or if your processing systems have any Internet connectivity, a quarterly scan by an approved scanning vendor is also required.
8. I’m already using a “PCI compliant” terminal/gateway. Why do I have to have my account certified for PCI compliance?
The PCI Security Standards Council has various requirements programs. The Payment Application Data Security Standards (PA-DSS) is a set of requirement to help software vendors and others develop secure payment applications that do not store-prohibited data such as full magnetic stripe, CVV2 or PIN data, and ensure their payment applications support compliance with the PCI DSS. Use of a terminal/gateway that runs PA-DSS certified software is one of many components that are evaluated in the assessment of an account’s PCI DSS compliance.
9. What is an approved scanning vendor?
An approved scanning vendor is an organization that validates adherence to certain DSS requirements by performing vulnerability scans of a merchant’s internet-facing systems.
10. Can I choose not to certify for PCI Compliance?
MasterCard and Visa require all acquirers to report on the PCI Compliance of their merchants. If you choose not to complete the self-assessment questionnaire you may overlook certain data security practices that minimize your risk of a security breach. In the event that your business is compromised, you may be subject to fines of up to $500,000 per payment brand. These fines would be in addition to the expenses and fraudulent transactions resulting from the breach.
11. How long is the PCI compliance certification valid?
The PCI compliance certificate is valid for one year from the date the certificate is issued. You are required to complete the PCI DSS self-assessment questionnaire on an annual basis.
12. Why do you not list pricing on your website?
We work with a multitude of different banks, and pricing varies widely by country and between business models. For a transparent quote on our services, please complete our pre-application form and a team member will promptly contact you.
***All merchant accounts are bound by the terms and conditions of the merchant agreement***