Introduction to merchant account |
What is a Merchant Account?
A merchant account is a special account that is setup for a business to accept and process credit card orders. After processing a customers credit card the transaction goes through a series of complex stages. The money transferred through the merchant account is then deposited into the business’s checking account within 2 to 3 business days.
Requirements for a Merchant Account
Getting important information together ahead of time will ensure that you breeze right through your merchant account application process. Here’s what you may or may not (depending on the provider) need in order to obtain your merchant account:
Business checking account (some providers set you up with one)
A copy of a voided check (if you use your own business checking account for funds to be deposited in)
Articles of incorporation, business license or reseller license. (A ‘Certificate of Assumed Name’ from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business.
Pictures of business office and location (this extra step can save you money in credit card processing costs)
Have a web site (if you want real-time processing)
Photocopy of your return policy information
Provide trade references
Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account)
Site inspection (have a photographer come in and take pictures of your inventory). Only a handful of providers still require this.
A photocopy of your drivers license
Explanation of Credit Card Processing Solutions
In order to process credit and debit cards through your merchant account, you need to decide which processing solution is right for you.
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