How is IBank different from other card processors?
Since the first credit card was issued in 1950, the bankcard networks that process billions of transactions between merchants, processors and banks have worked in relatively the same way. Starting with the merchant, each transaction passes through a number of processes that transfer the funds from your bank, into the bank of the merchant - and each of those processes share in the fees paid by the merchant. The IBank Network was designed to be more efficient. For example: let's say that two people who are unknown to each other have accounts at the same bank. If one makes a payment to the other by way of check, the bank simply makes a ledger transfer, deducting the amount from the payer's account, and crediting the amount to the payee's account. No third party - like another bank or payment processor - is involved in the transaction. Similar to a consumer paying cash for goods or services; these are considered "Frictionless" transactions. That's how IBank works - Consumers and Merchants maintain their accounts with IBank so every purchase is a simple ledger transfer from one to the other. No third party processors - and that is why our Merchant Fees are the lowest in the industry.
Can any business become an IBank Merchant?
Yes and No. While there are only a few restrictions on the types of businesses we will accept, the reputation and integrity of the business and its owners is a key requirement. To ensure the safety and security of our members, we conduct extensive background checks on both the business and the principals.
Does my store need an Internet connection?
While it is preferable, having an Internet connection is not a requirement. Several IBank Terminal models will operate from the mobile networks.
Are there any Termination Fees?
No. We are confident that you will see the benefits of being an IBank Merchant so there are no contracts and no commitments - you can cancel any time.
How do I sign up and how long does it take to get approved?
You can sign up HERE or give us a call and sign up over the phone. If you provide us with all the information we require upon application, it should take no longer than one business week.
What types of POS Terminal are provided with a Basic Subscription?
Our Basic Subscription includes a card reader/receipt printer POS terminal. You have the option to upgrade to more advanced terminals if necessary.
Can I use my existing merchant services equipment to process IBank transactions?
No. IBank transactions can only be processed through our network. However, the IBank Debit Card is also connected to the Mastercardℜ Network so any transactions which are processed through other merchant systems will be accepted. Keep in mind that you will pay those fees charge by your provider.
What happens if the Internet goes down?
If your store is using a direct Internet connection which becomes unavailable, you will not be able to process transactions. However, as a backup, we can provide you with a mobile phone dongle which will allow you to process transactions over the Cellular Network in your area.
How do I get the IBank POS Terminal?
We will mail it to you. Set up is easy and telephone support is available.
When do I get reimbursed for transactions processed through IBank?
Is immediately fast enough? This is what sets IBank apart from other processors. When a consumer makes a purchase, the amount is immediately debited from the consumer's IBank account and credited to your IBank account. No waiting days or weeks to get reimbursed.
Can I use my existing merchant services account to process IBank transactions?
No. IBank transactions can only be processed through our network - that is how we keep the fees low. However, the IBank Debit Card is also connected to the Mastercardℜ Network so any transactions which are processed through other merchant systems will be accepted. Keep in mind that you will pay those fees charge by your provider.
What about Chargebacks?
It is important that you keep in mind that IBank Transactions are just like cash transactions. By eliminating chargebacks, we reduce the costs of running the network. Our consumer members are advised that their IBank purchases cannot not be disputed. If there is a problem with a purchase, it is up to the merchant and the consumer to work it out - as if the purchase were made in cash.
What about Returns?
No problem. If a consumer wishes to return an item or reverse a transaction the funds will be deducted from your IBank Merchant Account and credited back to the consumer's IBank account
How do I handle VISA® purchases?
Only merchants with existing Merchant Services accounts with other processors can process VISA® transactions. Keep in mind that you will pay the standard fees charged by your provider. If you do not have an existing Merchant Services account, all transactions are processed through IBank - which saves you the processing fees.
What are the benefits of becoming and IBank Merchant?
Your IBank Merchant Account comes with loads of benefits you will not find with other payment processors. Here are just a few of those benefits:
  • - Your Flat Monthly Subscription Fee covers everything. There are no additional fees like Discount, PCI, Network, etc.
  • - As a "Branch" of IBank, you are providing a valuable service to your customers, assuring customer loyalty.
  • - The IBank Merchant Locator Network provides every IBank consumer, anywhere in the world, access to information on your store: Hours of Operation, photos, menus, etc. We'll even provide directions to your store.
  • - As an IBank Merchant, if you choose to, you can advertise your products and services on the IBank Network to consumers in your area, or globally. Although these are additional paid services, we made them very affordable for small businesses
  • - As an IBank Merchant, if you choose to, you can advertise your products and services on the IBank Network to consumers in your area, or globally. Although these are additional paid services, we made them very affordable for small businesses
  • - As an IBank Merchant, you can earn additional revenues through the Third-party services that IBank provides to consumers. Services such as: Insurance and Purchase Financing, which we provide at the point of sale, generates commissions which we share with our Merchant Partners.