FAQ

What is a payment service provider?

A payment service provider offers businesses the tools necessary to process electronic transactions. At MG Banking, we offer a comprehensive suite of processing solutions with world-class service.

What types of merchants do you accept?

MG Banking works with online retailers world-wide as well as mail, telephone and Internet order businesses.

What credit cards do you process?

MG Banking processes all major international credit cards including MasterCard, Visa, American Express, Discover, Diners Club, JCB and Carte Bleue.

What other services do you offer?

In addition to credit card processing, MG Banking offers processing for debit, electronic gift/loyalty, MOTO/Internet, Virtual POS and multi-currency conversion.

What is Multi-Currency Conversion?

When international customers are shopping online in a currency they are not familiar with, they are often unaware of what the final transaction amount will be. This situation may increase chargeback risks for merchants.

MG Banking has created a solution that will overcome the currency barrier and prevents chargeback risks by making customers feel as if they are shopping in their own country and in their own currency.
Facilitating MGBanking’s geo-location technologies, MG Banking MCC can automatically deliver country-specific currencies or redirect to country-specific websites.
MG Banking MCC enables merchants to gain additional profits by identifying a credit card's country of origin and offering the customer a choice between their home currency or the merchant’s local currency.

The MG Banking MCC solution immediately accesses current exchange rates and calculates prices in the requested currency.
The buyer then selects the transaction currency of choice and final settlement will occur in the merchant’s home currency.

How does MG Banking’s Multi-Currency Conversion compare to dynamic currency conversion?

Dynamic Currency Conversion occurs in a point of sale transaction where the card, the consumer and the merchant are present. Multi-Currency Conversion is in the Card Not Present environment.

Is there a transaction fee for services?

Yes. All payment solutions providers charge a transaction fee, but our rates are highly competitive. The types of transactions conducted will determine the transaction fee.

How long does it take to get set up?

Once the merchant account application has been received and approved, the account will be up and running in less than 48 hours. If there are problems with the paperwork submitted, such as incomplete data or inconsistencies, those issues will delay account approval.

How and when will the merchant receive funds?

The money generated from electronic transaction sales is deposited into the merchant’s bank account and is usually available within 72 hours after batching out. If a merchant wants USD settlement, an international bank account is not necessary for this process. Money will be deposited directly into the merchant’s current business bank account each day, weekly or monthly depending on the merchant agreement.

Will the merchant receive a statement?

MG Banking offers real time, online reporting so merchants can access their account information anytime.

Who can a merchant call when they have a problem?

MG Banking offers outstanding worldwide customer support. We have a dedicated group of professionals who can resolve any problem in a very timely manner.

At MG Banking, we are committed to providing our merchants with world-class service on a long-term basis.