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How is Financial Innovations Group different from its competition?

As a MSP for the payment card industry FIG is in a unique position to provide many unique services, products, and expertise that rivals its competition. This provides a very attractive option for many business types when considering a provider. The following are a highlight of the services that are unique to FIG.

A.  Complete In-house Merchant Processing Service: As a merchant service provider FIG handles all aspects of operation for the enrollment, management, and support of its accounts. Many providers rely on outside parties to fulfill these services while they focus solely on the sales aspect of their business.

B. Direct and Local Sales and Service: All FIG merchants maintain a direct relationship with their representative throughout the life of their account. These representatives have a vested interest in the well being of their clients as they are paid monthly on their own portfolios. When our customers place a call with their representative, they can be assured they will receive a call back within 24 hours. This coupled along with our 24/7 customer service and technical support center ensures our customers' needs are taken care of in a timely manner.

C. Expert Knowledge of Products and Services: Our in house support staff has extensive experience and training on many of the most popular Point-of-Sale brands on the market. These individuals are experts in installation, field support, and application programming. Furthermore, these individuals alongside our Executive Management team provide our merchants the perfect combination of knowledge and skills to develop a comprehensive processing solution to meet any needs. Our ability to offer these services with our industry low price levels, distinguishes FIG's services from others in the industry.

What is a merchant bank? 
A merchant bank is a financial institution primarily engaged in offering financial services and advice to corporations and to wealthy individuals.

What are debit cards? 
A debit card (also known as a bank card or check card) is a card that provides an alternative payment solution to cash when making purchases. The funds of the purchase are withdrawn directly from either the cardholder's bank account or from the remaining balance on the card itself. Debit cards are not to be confused with credit cards or charge cards. When a debit card is issued, and a purchase is made with the debit card, the amount of the purchase is deducted directly from the cardholder's bank account.

What is the difference between online debit and offline debit?

  • An On-line Debit card deducts funds from the bank account of the purchaser immediately; as soon as the On-line Debit card is used to make a purchase, the amount of the purchase being made is deducted leaving no delay for processing the transaction.
  • An Off-line Debit card does not deduct funds from the checking account of the purchaser immediately. Transactions are processed like a regular credit card, in which the funds are not deducted from the purchaser's bank account for 24-72 hours.

What are commercial cards? 
Commercial cards are credit cards utilized by corporations/businesses.

What is a private label card? 
Private label cards are credit cards issued by a specific retail business that contains the logo of the specific retail business that issued the card, and is the only retailer who will accept the card for purchasers and cannot be used at other locations (i.e. Home Depot, Firestone, etc...)

What is a Stored Value Program? 
Stored Value Programs come normally in the form of gift cards or prepaid/preloaded spending cards.

What is Electronic Benefits Transfer (EBT)? 
Electronic Benefits Transfer is an electronic system within the United States which grants state governments the right to provide financial and material benefits to authorized recipients through a debit card; the benefits provided by the EBT are generally placed within two categories; Food Stamps and Cash benefits. (Wikipedia)

What is Electronic Check Processing (ECP)? 
Electronic Check Processing is the ability to process a check electronically through a POS (point of sale) system. The electronic POS system converts paper checks into electronic transactions, mirroring a credit card transaction.

What types of merchants does Financial Innovations Group approve? 
Financial Innovations Group is a private processing company dedicated to serving the credit processing needs of retailers ranging from the small corner store to the major retailers and everything in-between. Financial Innovations Group approves all types of merchant accounts; from multi-location, multi-million dollar a month merchants accounts, to smaller mom-and-pop retail businesses.

What products and services does Financial Innovations Group offer me? 
Financial Innovations Group offers a full suite of products including Credit, Debit, EBT, Check Conversion and Guarantee, and Gift & Loyalty Card Solutions, along with a full range of electronic processing services that can be supported by a complete line of Electronic Commerce, Check Verification & POS equipment, hardware and software supporting a variety of merchant accounts.

What do I get with an Internet merchant account? 
This type of credit card transaction or "card-not-present" transaction requires a special type of merchant account. Most credit card companies use special criteria to assess risk, and have a different fee structure because the merchant is never physically able to see the card. With an Internet merchant account, you obtain the ability to

  • Accept and process credit card payments in real time
  • Accepts all major credit cards
  • Seconds to complete a transaction
  • Process credit card transactions from orders received offline
  • Issue credits
  • Void transactions
  • View your list of transactions online

Do I need a shopping cart for my Internet merchant account? 
A shopping cart is not required for Internet/ online merchant accounts, as there are different ways you can process your online credit card transactions.

I want to start conducting transactions over the Internet. Do I need to set up a new account or can I just use my existing account? 
Internet/ online merchant accounts differ greatly from a retail merchant account. You would be required to open a new merchant account for your Internet/ online credit card transactions.

Can a merchant outside the U.S. apply for a merchant account with Financial Innovations Group? 
Financial Innovations Group requires a U.S. address and bank account for all merchant accounts.

What is Check Verification? Do I need it? 
Check Verification is a process that screens checks and check writers against a "negative database" of "bad check writers". This is done at the POS (point of sale), when the customer presents a check as a payment. It is a recommended program for all merchants that accept checks as payments.

As a merchant, what types of credit cards can I accept? 
Merchants can typically accept Visa, MasterCard, American Express, Discover, JCB, and Diners.

What kind of processing solutions are available? 
Financial Innovations Group offers a wide selection of payment solutions, from the Verifone Vx570 credit card terminal to Authorize.net. As you go through the application process with one of FIG's industry knowledgeable representatives, a custom payment processing solution will be built based on your businesses needs.

Why should my business accept credit cards? 
Accepting credit cards in today's society is quite essential for a business to strive and grow. Consumers often find it quick and easy to purchase a product or service through a credit card transaction versus paying with cash.

What types of businesses can you work with? 
Financial Innovations Group works with most all business types, from multi-location, multi-million dollar a month merchants, to smaller mom-and-pop type stores.

What is a Merchant Account? 
A merchant account is an account that a business owner (merchant) has set up with a bank in order to accept credit card payments from customers.

Do I really need to accept credit cards? 
Accepting credit cards in today's society is quite essential for a business to strive and grow. Consumers often find it quick and easy to purchase a product or service through a credit card transaction versus paying with cash.

Is there a minimum term agreement for a merchant account? The standard merchant agreement with Financial Innovations Group is three years.