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Requirements
for Merchant Accounts
Getting
important information together ahead of time will ensure that
you fly 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
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