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Merchant Account Requirements
![*]() Though a lot of formalities to be completed, getting
merchant account is hassle-free if you provide exactly
what is required by a merchant account provider.
Below we provide a quick checklist of what you will need
in order to get a merchant account with an effortless
ease. This will hasten the process of getting your application
approved without any hurdles. Keeping the things below
ready when you approach a merchant account service provider
will ease the task for you.
Basic requirements that you may or may not (depending
on the provider) need to fulfill in order to obtain your
merchant account include: credit history, length of time
in business, business type, types of products or services,
cost of items and services offered, the market segment
in which you operate, business financial information,
average order size, average monthly amount, the processing
method in which products and services are being sold and
delivered (manual or real-time), refund policies, other
sources of income, business location (It is difficult
to get a US merchant account if you are not located in
the US.)
This is what you require basically to obtain a merchant
account:
- Business checking account (some
providers set you up with one)
- Copy of a voided check (if
you use your own business checking account for credit
card 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.
- Photocopy of your return or
refund policy List of trade references
- Photocopy of recent tax returns
(may or may not be needed depending on monthly sales
volume you expect through your merchant account)
- Photocopy of your drivers license
- Social Security Number of the
principal owner(s) (to run a credit check)
- A website (If you opt for real-time
processing and not manual processing)
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