This item requires a new merchant application and activation with the above pricing. The VeriFone terminal is the answer for all of your PIN-based transaction needs. When you buy this terminal for $0.01 cent, you'll be rushed via Priority Mail and email, an application for a merchant account with all pricing, terms, and condition clearly spelled out. We'll also include our contact information, so that you can discuss your specific situation and business type with our representatives. The application must be received and approved before the pinpad will be programmed and shipped. If you are not approved for a merchant account, your purchase price & S/H will be refunded in full.