Business Banking - Merchant Services

Product Overview

Our Merchant Services (Product ID: BS001) enable businesses to accept credit/debit card payments in-store, online, or via mobile. We provide robust reporting, secure payment processing, and competitive transaction fees to help you streamline sales.

Key Features

• POS Solutions: In-store terminals, contactless or chip-enabled devices.
• E-Commerce Gateways: Secure online payment portals with fraud detection tools.
• Mobile Payments: Smartphone-based POS for on-the-go transactions.
• Settlement Options: Daily or weekly settlement into your business current account.

Fees

• Setup fee: $100
• Transaction fee: 3% per transaction

Benefits

• Increased Sales: Offer multiple payment options to customers.
• Security: PCI-DSS compliant systems protect cardholder data.
• Real-Time Reporting: Track sales and transaction details through an online portal.
• Chargeback Support: Guidance on dispute resolution and fraud management.
• Secure payment processing
• Support for multiple payment methods

Eligibility & Requirements

• Valid business license and bank account with Standard Charter Bank.
• Completed merchant application, including expected transaction volume.
• Compliance with PCI-DSS standards for data security.

Setup Process

• Submit a Merchant Services application.
• Install or integrate POS/e-commerce solutions with bank-provided support.
• Train staff on transaction handling and daily settlement procedures.

Related Documents

• Account Opening - Business Banking (Merchant Services) SOP
• Customer Data Security - PCI DSS Guidelines

Revision History

• v1.0 – Initial release by Michael Brown on 2025-01-20.