If you have two independent locations, you’ll need two independent merchant accounts. The reason for this is two-fold: It helps avoid chargebacks from customers who don’t recognize a location on their bank statement. Many banks now post detailed information about charges, and seeing the wrong address associated with a charge may [...]
Since Dharma offers the American Express OptBlue program, we are happy to report that all American Express charges will report on your statement, just like Visa/Mastercard charges. Your bank account will be funded for American Express sales just like Visa/Mastercard sales, on the same funding schedule. Although the fee structure [...]
It depends on many factors. We have plenty of merchants who have had bankruptcies and were able to open accounts without issue. But there are other times when a bankruptcy may prevent us from moving forward. Typically, the more recent the bankruptcy the more problematic it will be. We may [...]
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 [...]