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Q. What is a merchant account?
A. A Bank of Hawaii Merchant Account allows you to accept customers’ credit, debit, and gift cards as well as checks and electronic checks. These methods of payment offer customers more ways to pay for goods and services. They also enable you to get access to funds faster. With a Bank of Hawaii Business Checking Account you can receive funds as early as 10:00 a.m. the next business day.
Q. Why do I have to fill out an application and why do you need to check my credit?
A. A merchant account is in essence an open ended line of credit. We process your transactions, and we credit your business’ checking account for those transactions. The money is available for you to use as you see fit. The transaction is posted to your customer’s credit card statement, and they have the right to dispute any charges posted. If the customer does dispute a transaction, a chargeback may be generated; if you cannot reverse the chargeback the amount will be debited to your business’ checking account. A credit check is required to assure that you do indeed have the available funds to cover potential chargebacks.
Q. Can internationally based merhcnats open a Bank of Hawaii Merchant account?
A. Yes. However, internationally based merchants need to have a Hawaii based office, and they must be registered with the State of Hawaii Department of Commerce and Consumer Affairs in order to do business in Hawaii. They also must include compliance to United States Federal regulations such as the Patriot Act and OFAC.
Q. How do I go about accepting cards if I have just opened another store?
A. In order to open up a new location, the ownership of the new location must match your existing account with us, and it also must be the same type of business, unless you are opening up an Online Payment location. If your new store will be conducting a different type of business than your previous location, you will need a new merchant account for the new location.
Q. How do I start accepting cards?
A. We work with you during the entire process from browsing for card processing solutions to activation. We will help you rent point-of sale (POS) terminals and will train you and your staff how to use them. Call us and start accepting cards right away!
Q. How do I find out your prices on point of sale equipment - such as terminals, printers, etc?
A. If you are already a Bank of Hawaii Merchant Services Customer, simply call your relationship officer to get any information you need. If you are not currently a Bank of Hawaii Merchant Services Customer, please call us at 1-800-279-4195 to discuss setting up an account.