Frequently Asked Questions

Most frequently asked questions about payment processing services

You have questions, we have answers. If you can’t find what you’re looking for in our FAQ section below, give us a call or shoot us a message via online chat.

Who can apply for Spike Financial payment services?

Our POS experts help businesses of all sizes in Texas and across the country apply for a merchant account. A merchant account facilitates transfer of payments between your customer’s bank or credit card account and your business’s bank account. You’ll need a merchant services account to process electronic payments, including credit and debit card transactions.


We can also help you get the POS equipment you need for a low, one-time equipment fee instead of signing an expensive lease with a big bank.

Can I switch to Spike Financial if my business isn't in Texas?

Yes. Spike Financial serves customers across the country and throughout Texas in cities such as Houston, Dallas, Waco, Temple, Killeen, Tyler, Austin, San Antonio and many more.

What makes a good POS system?

A good POS system requires a customized setup, live 24/7 support, and easy-to-use software. Your business needs a POS system designed to support your goals; not a one-size-fits-all solution.

How can a good POS system save me money?

A good POS system does much more than a traditional cash register. It improves the efficiency and organization of a business, saving you time and money.


Modern POS systems handle important analytics and reporting functions like inventory management, data entry, order tracking, and customer information management. A well-equipped POS system can also help you avoid fraud liability.

What kind of equipment do I need if I switch to Spike Financial?

Our experienced POS experts will help you identify the equipment that will best serve your business. We custom-build every POS solution to meet the needs of the client. You’ll enjoy a high ROI on your investment. If the needs of your business are changing, just let us know and we will adjust your POS solution accordingly. We don’t lock our customers into an expensive equipment lease. Our one-time low equipment fees mean you’ll be able to upgrade your POS equipment as needed.

How long does it take to set up a new merchant services account?

Setup should take just a few days. We’ll be with you throughout the process to make sure you have the required documentation to meet federal guidelines.

How much will I pay for merchant services with Spike Financial?

We custom-build every POS system for our customers, which makes it difficult to publish POS pricing that would help you understand how much you’ll pay for merchant services.


Our customers pay rates as low as 1% to accept credit and debit card payments. Most merchant services customers pay much more when they use other service providers. For example, Square charges 2.75% for swiped cards.

How can I afford new POS equipment?

Spike Financial’s equipment fees are low compared to our competitors. Unlike big banks, we don’t require our customers to sign expensive leases.


We may even be able to spread the cost of your POS equipment out over a few months to help reduce the initial investment amount.

Will my rates with Spike Financial go up over time?

We don’t surprise our customers with rate increases every six months. The prices you receive are not artificially reduced to entice you to sign up. The price we quote is the price you’ll pay. Our statements are easy to read, so you’ll know exactly how much you are paying every month. If you need help understanding anything about your quote or statements, you can reach out to our Texas-based support staff 24/7, including weekends and holidays.

I already have a credit card terminal; can I just reprogram it to work with you?

Maybe. Many of our customers use their credit card terminal with our systems. You may be able to save money by using different equipment, though. We can help you understand your options so you’ll get the highest possible ROI on your POS system.

Will I have to turn away customers who want to use certain types of credit cards?

No. Spike Financial customers can take any type of credit or debit card payment:
American Express
Apple Pay
Samsung Pay

Is switching to Spike Financial more expensive?

Most of our customers save money when they switch to Spike Financial. We offer lower processing fees with level 2 and level 3 qualified payments. You can get a free statement analysis to help you understand exactly how much money you could save with Spike Financial.

What types of businesses does Spike Financial serve?

We have happy customers across Texas and throughout the country. We serve restaurants, supermarkets, gas stations, dentists, healthcare providers, and retailers. If your business takes debit and credit cards, we can help you get the best prices in the industry.

How can I get help with POS equipment and software problems?

Spike Financial customers get 24/7 access to our Texas-based team of tech experts. We can help remotely or in-person. Our tech support department is open during weekends and on holidays, as well.

How does Spike Financial help businesses save money?

There are three main ways we help reduce our customers’ POS costs. Interchange-plus pricing, surcharging, and cash discounting may work well for your business, depending on your transaction volume.
If your business is located in Texas, you can choose to bundle your electrical service through Spike Energy, Inc to save even more money.

Latest News

Payments in Focus | Insight that keeps you ahead of change | Never Miss a Blog