Merchants Bank
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Credit Cards and Credit Card Processing

Do More with a Visa Business Credit Card

A Merchants Bank Visa Business Credit Card gives you greater convenience in making purchases for your business. In addition to the world-wide acceptance of Visa, your Merchants Bank Visa Business Credit Card account is serviced locally, so all of your payments and questions can be handled by Merchants Bank employees you know and trust. You’ll also enjoy these benefits:

Enhanced record-keeping – You can have multiple credit cards for your staff to use for business travel and purchases, making individual expense reconciliation easy!

Online account access – Monitor credit card usage and balance information via a secure website.

Monthly payment flexibility – Our business credit card program allows you to pay the entire balance of your card account each month, or you can pay as little as 3% of your balance to match the cash flow needs of your business.

Local Service – All of your questions are answered by local bankers you know and trust, and we provide quick issue of new credit cards. Contact Us today for your Visa Business Credit Card!

Summary of Visa Business Credit Card Account Terms:

Annual Percentage Rate (APR) for retail purchases and balance transfers Prime + 4%, variable rate (1,3)
Cash Advance Rate Prime + 7% variable rate (1,3)
Penalty Rate 21.75% (2)
Method of Computing Balance for Purchases Average daily balance, including new purchases
Grace Period for Purchases 25 days
Minimum Finance Charge None
Annual Membership Fee
  • Visa Business Credit Card: $25 per card
  • Visa Business Scorecard: $45 per card, waived with annual retail purchases totaling $20,000 or more per account
Cash Advance Fee $3
Other Fees
  • Late Payment fee: $25
  • Over the Limit fee: $25 fee will be assessed each month you exceed the line of credit
  • Returned Check fee: $30
  • Balance Transfer fee: None
  • Replacement Card fee: $10 if card is replaced more than once in any 12 month period
  • Foreign Currency fee: 1% of the converted transaction amount

Click here for a printable brochure

These Account Terms are true as of 03/01/14. Terms are subject to change after the date of printing. Should you have any questions regarding changes after printing date, please contact us at (800) 944-6285.

(1) Based on U.S. Bank, N.A. prime rate.

(2) If your minimum monthly payment is not received and your account becomes past due (30 days late) 2 times within a 12-month period, all rates will be increased to the Penalty APR. All rate changes effective as of your last statement closing date.

(3) WHEN INTEREST RATES BEGIN TO ACCRUE. All cash advances are subject to a FINANCE CHARGE from the date of the cash advance. The annual percentage rate (APR) may vary on your account. The rate is determined by adding a margin to the U.S. Prime Rate. The annual percentage rate may vary monthly. Merchants Bank reserves the right to change the APRs in accordance with the Bank Credit Card Agreement and the laws of the State of Minnesota (as applicable) and the Federal Truth in Lending Act.


Visa ScoreCardSM Rewards

Enjoy all the benefits of a Visa Classic credit card, plus earn ScoreCard rewards!
Turn your everyday purchases into airline tickets or brand-name merchandise. With Visa Classic ScoreCard, every time you use your credit card, you accumulate points, which may be redeemed for brand-name merchandise or airline tickets.

Each qualifying transaction you make earns you valuable Bonus Points. You may redeem your points at any time. But the larger your Bonus Points total, the greater the value of the award you may choose. When you open your Visa Business Credit Card account, you will receive your ScoreCard Rewards catalog for your shopping convenience.

Complete ScoreCard Bonus Point Program rules will be sent with your first statement. Rewards begin to accumulate after you have received and activated your new credit card. Points accrued will expire five years after the expiration date. March 1 is the expiration date for points not redeemed within the previous five year period. For example, if a purchase is made March 1, 2012, the points will not expire until March 31, 2017.


Visa Business Credit Card Application Process

When you Contact Us you’ll be asked to complete a Merchants Bank Visa Business Credit Card Application and include two years of financials with the application. After a business banker reviews your application you’ll be contacted with a credit decision. You’ll never appreciate local service more!

Click here for more details about a Merchants Bank Visa Business Credit Card.

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Credit Card Processing Program

Give your customers more payment options when you accept Visa, MasterCard and Discover debit, gift and credit cards. We can help make credit card processing both easy and affordable, and help you get paid faster.

You'll enjoy these benefits of the Merchants Bank credit card processing program:

  • Meet your customer’s expectations by accepting Visa, MasterCard and Discover payments
  • Low program costs
  • Get paid faster with our credit card processing
  • Easy to understand “all in one” discount fees – no complicated pricing
  • A simple application process
  • And most importantly, Local Service from bankers you know and trust


How does Credit Card Processing work?

Credit Card processing is easy and simple:

  • Your customer presents you with a Visa, MasterCard and Discover debit or credit card in person, via the phone or your website, if equipped.
  • The transaction request is approved or denied almost immediately and a response is sent back to you.
  • Funds are deposited into your Merchants Bank business checking account as quickly as three business days.


What types of businesses benefit from using Credit Card Processing?

Just about any retail or service business that accepts payments from customers may benefit from offering this payment option. Most consumers expect that they’ll be able to make purchases or pay for services with a credit, debit or gift card.

Not offering this type of payment option could result in lost sales opportunities.

Pricing structure:
We understand that each business is unique, so we will work with you to determine the credit card processing pricing structure that makes sense for your business.

  • The “Discount”, or rate that you pay, is based on the average dollar amount of your customer transactions (which is your average ticket size). With a monthly service charge of only $10 for DialPay and $15 for all others, we promise to work with you to keep your costs as low as possible.
  • We also work with customers on Visa, MasterCard and Discover interchange pass through pricing.
  • Equipment costs will vary depending on your needs. If you are already accepting Visa, MasterCard and Discover payments and the equipment you have is compatible with our software, you will not have any equipment expense in your transition to Merchants Bank credit card processing. If you’re new to Credit Card Processing, or need to update your equipment, these equipment costs may apply.
  • All terminals purchased through Merchants Bank are EMV capable point of sale terminals.


How do I get started with Credit Card Processing or make a switch to Merchants Bank?

This is the easy part. Simply Contact Us to complete a Credit Card Processing Application and include two years of financials, or download the Credit Card Processing application here. Upon approval, you will be asked to sign a Merchant Agreement and a Continuing Unlimited Guarantee, something your business banker or our credit card manager will explain to you in detail. Then we’ll assist you, as necessary, with any installation required for your credit card processing. 

Click here for additional details about our credit card processing program.


Custom Gift Cards or Loyalty Cards

Now you can offer custom gift cards or loyalty cards at your place of business. Contact us for more information.

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