There are many business owners who wish to start accepting credit card for their business. However, in the traditional setting, they need to set up a merchant account with a bank in order to do so. Though it might seem like that's all that is required, there is much more than just securing an agreement that needs to be done in order to successfully complete the setup of a merchant account.
This guide will walk you through the process of setting up a merchant account, from start to finish. It is important to note that requirements and procedures can vary slightly from one bank to another. But, in general, this is how it's done:
When looking for a payment processor, it is important to find one that is a member of both the Visa and Mastercard networks. This will ensure that your business can accept both Visa and Mastercard payments. It is also important to find a processor that offers a low-cost processing solution, as well as features like PCI compliance and fraud protection.
Once you have chosen a payment processor, you will need to complete an application. This application will ask for a great deal of information about your business, including its legal name, address, and contact information. You will also need to provide financial information, such as your company's annual sales volume and average ticket size.
Along with the application, you will be asked to provide certain supporting documentation. This might include a start date for your business, as well as articles of incorporation and an IRS Employer Identification Number (EIN). In addition, some banks require that you provide a trade credit report from one of the major agencies – Dun & Bradstreet or Experian.
Once the bank has received your application and supporting documentation, it will undergo a risk assessment to determine whether or not it is comfortable doing business with you. This assessment looks at a variety of factors, including your credit history and the type of products/services you offer.
Once your business is approved for a merchant account, you will receive a merchant account number. This number will be used to identify your account when processing payments. You will also need to provide this number to your customers when you start accepting credit card payments.
In order to start accepting payments, you will need to configure your merchant account with the payment processor. This involves providing information about your business, including its name, address, tax identification number and other important information.
That's it! Setting up a merchant account is not complicated, but requires some time and patience.
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