The Process of Applying for your Merchant Account

If you have never had a merchant account before, the idea of applying for one may be a bit overwhelming. New businesses are constantly being approached by people claiming to represent exceptional deals in the credit card processing field, but you should never accept an offer you didn’t solicit. Getting a merchant account set up doesn’t take too much effort, but you have to prepare all of your paperwork in advance if you want to speed up the process. It is a good idea to submit more than one application.

Step One

Do a bit of research and find the right type of merchant account. If you do business online you want a company that is familiar with Internet firms. If you are opening a restaurant, look for a service that knows the food industry. You get the idea.

Step Two

Gather your paperwork together. You want your social security card, a driver’s license, bank statements, a business plan, references – or at least their contact information, contact information and an estimate of how much business you expect to do. You can be optimistic about your projections, but don’t lie, ever.

Step Three

Work with your representative to get all the forms filled out and the application turned in. You may need to make some changes if your application isn’t approved the first time. Some businesses are less likely to be approved, based upon the services or products they provide. That doesn’t mean that you can’t get a merchant account if you fall in to a questionable area, just that you will need to work harder to achieve success.

Step Four

Evaluate your offer. This step is especially important if you had some challenges getting a credit card processing account. Take some time to figure out how much you will pay for your services based upon expected transaction frequency and totals. Look at termination penalties, equipment fees and customer service guarantees. Once you find the right offer, you are ready to make a commitment.
Having a merchant account is critical for processing many forms of payment – just make sure you get the right one.

Michael Rupkalvis owns the Transaction group. The Transaction Group offers internet merchant accounts
and other credit card merchant account
solutions for all types of businesses.