Getting Started

How Do I apply for a Merchant Account?

Whether you just want to ask us a few questions or are ready to apply for an account, Diamond Mind's account executives stand ready to help you. Call us toll-free Monday through Friday between the hours of 9 am and 5 pm EST at (888) 566-0945, or send us an email through this web site by clicking on the "Contact Us" link. We use a simple proposal process that results in a detailed and practical business case you can use to evaluate your options.

What kinds of startup costs can I expect?

Startup costs vary and are dependent upon individual circumstance and needs. Your school might need a POS terminal or a payment gateway and some form of shopping cart. When you contact Diamond Mind, we will provide you with a detailed proposal that includes all of your costs so you can assess your options easily.

How do I determine what equipment or software is best for my school?

Whether you are just starting out, expanding, or upgrading your credit card capabilities, Diamond Mind has a payment solution to support your processing needs. From credit card terminals to payment gateways, we offer secure, scalable solutions and affordable products that fit your situation and budget.

What credit cards will I be able to accept?

You will be able to accept MasterCard, Visa, American Express, Discover, and JCB credit cards.

How are my rates and fees determined?

Rates and fees are determined by several factors that every school is subject to including your monthly transaction volume, transaction method and even the type of business you have. Diamond Mind has developed a track record for our ability to save customers money by ensuring accounts are set up in the most effective and efficient method possible.

Can I use someone else's merchant account to process my own transactions?

Definitely not. Known as "credit card laundering" or "factoring", this practice goes against the Visa and MasterCard rules and regulations. It can lead to heavy fines and puts that merchant's credit card processing account in jeopardy.

When do funds get deposited into my bank account?

It usually takes around 2 business days from the time you submit your batches.

Would it be easier to open up a merchant account at the bank where my checking account is?

While this might seem like a logical solution, your local bank does not consider the ins and outs of your particular school circumstances. Diamond Mind specializes in a more tailored approach that results in better rates and fees for our customers. And, Diamond Mind's level of service is one you will not find at any bank. It includes staying abreast of industry issues and developments and continuously trying to find ways to improve your costs, collection process, and customer service.

How will I learn to use my merchant service account?

Every Diamond Mind customer has an account executive who will help you learn, manage, and understand your account. From teaching you how to use your terminal to explaining your monthly statements, we pride ourselves on our level of service

What is a discount rate?

The discount rate is one of the processing fees charged to your merchant account. It is a percentage of your sales.

Why don't you have your rates posted on the web site?

Based on experience, we have found that it is in your best interest if we provide you with a rate quote after we understand more about your needs, your POS, the type of transactions you are receiving, your average ticket, etc. Often rates can be confusing, and not tell the entire story with respect to cost. Part of the value we offer is a personalized needs analysis and assessment, as well as consultative review, and suggestions for making card acceptance easier, faster, and less expensive. Even if you don't choose us as your provider, we want you to be well informed.