If I apply for an Internet Merchant Account (IMA) with ChronoPay, will I get a true direct Merchant Account with my own descriptor?
Yes, you will obtain your own Internet Merchant Account with your own Merchant Identification (MID). You become a direct Merchant by contracting with an acquiring bank (a Card Association Member). This Merchant relationship is what allows you to accept Visa and MasterCard transactions under your business name. You will also be required to establish a contractual relationship with ChronoPay, who will handle your online credit card payment processing. As a direct Merchant of an acquiring bank, you are able to set your own descriptor. The descriptor is what the cardholder sees on his credit card statement when he or she buys something from your online store. Your descriptor should identify your online store, so that the cardholder recognizes the transaction, minimizing the likelihood that they will “dispute” the transaction. It should also contain your contact information, so the customer can easily inquire about the transaction, if they do not remember what they purchased. Example Descri
