Opening A Merchant Account For Your Online Business

February 12, 2014  //  Posted by: Financial advisor  //  Category: Business Support

Merchant AccountOpening a merchant account is necessary if you want to do online business. In order to open a merchant you will have to find the right service provider. After that there are other steps involved to get things done. There are two ways in which a merchant account can be created. It can be done through the local bank or from the online merchant account from the internet. Given below are the steps in brief to explain the whole procedure:

• Finding the provider- there are many merchant account providers who can help you to create an account but you should always trust the one who has got a good reputation. Researching on who can be your provider may take some time but since it is crucial for your business it is better you take some time to find the correct provider. The contract, terms and conditions, reputations and fees should be taken into consideration while choosing the provider.

• Applying for an account- after choosing the provider the next step would be to apply for the merchant account. When you apply for this type of account there will be some documents which would be required such as credit history, social security number, the financial strength of your business, the business plan, business bank statement, tax returns and many such things.

• Waiting for approval- after applying for the merchant account the relative department will check all the documents thoroughly and that will take days or even weeks. The validity of the application will be verified by the account providers and they would also determine whether your business is fit for the merchant account or not. When the approval is done you will be able to accept credit card payments once you confirm the account. The confirmation would include a few basic questions which you have to answer.

Comments are closed.