A personal guaranty is part of our agreement stating that in the event that the business is unable to pay for merchant services fees, that you as an individual will compensate us instead. It’s quite rare that a personal guaranty is enacted, but it is put into place to protect [...]
The answer to this question depends on what type of business/organization you represent: Nonprofits: Any member of the organization who is authorized to act on behalf of the organization. Typically, we’ll want to have an Executive Director, Treasurer, or Senior Board member signing. Signers of nonprofit applications will not be signing a [...]
Yes, you will. As a financial institution, we’re required per the Patriot Act to verify the identity of any individual opening a new merchant account. You can read through the requirements here. This applies to nonprofits as well, although we do not require a personal guaranty for nonprofit signers.
Yes, you certainly can. We are happy to assist with the setup of your merchant account. In the interest of full disclosure, this is why many new merchants opt not to sign up with a full-service MSP like Dharma: If your anticipated sales volume is relatively low (under $10,000/month, and [...]
Dharma is proud to report that our merchant accounts have no long-term commitments. When you sign up for a new account with Dharma, you’re free to exit our relationship at any point in time, for any reason. We also have no closure/re-activation fees for seasonal merchants. That means that if you have [...]
In order to open an account at Dharma, it is required that the business or organization be registered in the United States. We’ll require you to furnish documentation showing your organization’s legal registration with the US government. However, it is perfectly OK if the owner of the organization is from [...]
What Does MCC Stand For?A Merchant Category Code is used by Visa/Mastercard/Discover to classify different businesses that accept their cards. By defining a specific MCC code for each business, the card associations are able to regulate what types of cards are accepted, what types of interchange classifications are granted, and how [...]
Dharma charges a $49.00 account closure fee on the date you request your account to be closed. Why? Dharma actually must maintain your account on-file for 6 months after you close your account just in case you should experience a customer dispute or chargeback from a past customer. Our cost [...]
An ACH Reject Fee is assessed when Dharma attempts to pull fees out of your bank account, but there aren’t enough funds in the account. Think of an ACH Reject Fee like an “overdraft” fee in your bank account. Dharma’s fees are always billed the month following processing. Fees are always withdrawn [...]
A retrieval occurs when your customer’s bank requests additional sales information from our processing bank. Typically, a retrieval will precede a chargeback, since a retrieval request often indicates that a customer is concerned about a specific charge on their account. Dharma’s retrieval fee is $5 per retrieval. Most merchants will [...]