Keep your own bank
Since we connect directly to MasterCard, Visa and other card associations, these card associations move the funds to your bank th next day (depending on the risk). We do have several banks available to help you with your processing. Wells Fargo, Chase, and other large banks are available. MasterCard and Visa are not a bank, so they need to use banks to move the funds. These are Chase, Wells Fargo, and others. The same banks we are using to process with MasterCard and Visa, are the same banks we can help process through if you need a bank.
If you like your bank then we will instruct MasterCard and Visa to transfer the funds to your bank. If your credit is sufficient, then you will see the funds the next morning. If MasterCard and Visa see some rick, then the payments can be extended for a few days. Usually the merchants are approved for the application.
When you fill out the application, fill out the daily amount, and the transaction amount you want to be approved for. For example, if you are an insurance company and average payment is $350, but some people pay the full year. Go ahead and put the full year's value. This would mean your payment is not held a couple of days. Where the application says volume and amount, just make sure this is the amount you want to be approved for next day processing.
PCI - Payment Card Industry
The Payment Card Industry Data Security Standard (PCI DSS) is a proprietary information security standard for organizations that handle branded from the major card schemes including Visa, MasterCard, American Express, Discover, JCB, and China UnionPay. Private label cards – those which aren't part of a major card scheme – are not included in the scope of the PCI DSS.
The PCI Standard is mandated by the card brands and administered by the Payment Card Industry Security Standards Council. The standard was created to increase controls around cardholder data to reduce credit card fraud via its exposure. Validation of compliance is performed annually, either by an external Qualified Security Assessor (QSA) that creates a Report on Compliance (ROC) for organizations handling large volumes of transactions, or by Self-Assessment Questionnaire (SAQ) for companies handling smaller volumes.