How To Establish Your Merchant Account Fast
A merchant account is very easy and simple to establish. It is also a very important aspect of runningyour business. Most merchant account providers will have the forms that you will need to complete in order to obtain your merchant account. Some banks or merchant account providers may even send a representative to you business’s location. Here are some of the items that you will need to be able to apply for your merchant account.
A Business Checking Account: This is an easy one for most companies. If you have been in business for very long, you already have a checking account for your business. If you’re just starting up your business then it is as simple as going to your bank and establishing a checking account.
A Voided Check: The voided check will be used to provide a sample to the merchant bank so the bank will know where to deposit your credit card processing funds. If you are setting one up through the merchant bank than this step will most likely be avoided.
A copy of your Buisness License: You may be asked for this.
Web Site Address: The would only be necessisary if you are planning on selling goods or services thorugh the internet. You will need to supply the processing bank with your web url.
A copy of your Return Policy: This is simply a description of your return policy. If your sales are final then that is all that must be stated. If you have a 30 day money back guarantee then the details as to what qualifies will need to be fully disclosed. It is a good idea to have this in writing for your customers as well. Many place post their return policy on receipts and others only have it posted in the stores location. If you are a web based business than supply the merchant bank with the a copy from the web sites of your refund policy.
Trade References: Trade references are simple business relationships you have already establishedwith various vendors. What the processor is looking for is evidence that you pay your business related bills on time. The longer you have done business with a reference the better, but if you are just establishing a business you may need to have your personal finances weigh in on any decisions.
This list is the most commonly requested items by processing banks when setting up your merchant account, but other pieces of information may be requested by the bank. You will also be asked some basic information, such as the estimated number of credit card transactions. Remember that this is an estimate and adjustments can be made once your merchant account is established. Once your account is setup, you will wonder how you ever were in business without accepting credit cards!