FAQ’s
Quick reliable answers to our most frequently asked questions.
When you get a merchant account from 1st Federal Financial Services, you get more than 40 years of experience from an industry leader offering a vast knowledge base for merchants to rely on.
Our goal is to make life easy on you by constantly updating these resources to help you expand your own merchant knowledge base – giving you the confidence to get excited about accepting credit cards and growing your business!
General Info
Should I connect my terminal through a phone or internet line?
It is personal preference, but the choice could ultimately depend on what type of credit card processing hardware you’re using. If you opt to use a telephone line, be sure to have a dedicated landline because things like call waiting and other incoming calls can interrupt, or cancel a transaction. Most businesses don’t need to dedicate a landline for their terminals as they prefer using an internet-connected terminal to enable faster transactions.
What is the difference between an issuer and an acquirer?
A financial institution that maintains the merchant credit card processing relationship and receives all transactions from the merchant to be distributed to the card member banks is an acquirer. An issuer is a financial institution that issued the credit card to an individual or business.
What is the length of my merchant agreement?
Most merchants qualify for our month-to-month service agreements. For the rest, a standard 1st Federal Financial Services agreement (typically 3 years) will apply.
Does 1st Federal Financial Services work with banks?
Yes, 1st Federal Financial Services has a proven track record of successfully accepting and processing credit card payments on behalf of banks.
Training
What kind of training do you provide?
1st Federal provides a wide variety of training, including credit card terminal, reprogramming, and merchant portal training to better assist our merchants.
Payments
How soon will I get my deposits?
We offer next-day funding (except on banking holidays) with cut times as late as 12am ET to qualified accounts.
What is a chargeback?
A chargeback is a transaction that is disputed by the cardholder or the cardholder’s issuing institution. It can occur when proper card acceptance and authorization procedures are not followed. When a merchant receives a chargeback, their deposit account will be debited for the indicated amount. The merchant may incur an additional fee if he or she failed to follow card acceptance and authorization procedures.
How often should I batch?
1st Federal Financial Services recommends that you batch your transactions every day.
What are Near Field Communications (NFC) and how do they work?
NFC contactless transactions (GooglePay, Samsung Pay, etc.) allow two equipped devices that are placed near each other to exchange bits of data. For this to work, both devices need an NFC chip. These transactions are safe because they create unique digital signatures.
How do I change my high-ticket amount?
A written request to update your high-ticket amount is needed.
Compliance
What is PCI compliance?
The Payment Card Industry Data Security Standard (PCI DSS) is a set of requirements designed to ensure that companies who process, store, or transmit credit card information maintain a secure environment.
Why am I being charged a PCI fee?
The Annual PCI Service Fee is assessed to mitigate the costs associated with maintaining compliance, updating terminal software, and replacing non-compliant hardware.
Why do I need to be PCI compliant?
PCI compliance is required for anyone who accepts, stores, or transmits payment card information. The PCI mandate is part of the major brands’ operating regulations under which businesses or individuals are allowed to operate merchant accounts and accept cards. The terms and conditions you sign when you open an account with us state that the card brands’ operating regulations must be adhered to. For more information visit https://www.pcisecuritystandards.org/
