What are the Requirements to open A Merchant Account?

WHY SHOULD A SECURE MERCHANT ACCOUNT BE REQUIRED?

For a business owner, it’s stressful that merchant account will go to rejection. A contradiction might make you question to your business existence. In fact, denial of an entire channel of payment processing probably crippling impact on business.

DEPEND ON CREDIT HISTORY

A provider has checked personal credit history of customer i.e. revealing trouble of paying bills. A merchant services provider does not want to get on a customer who can view as a susceptibility, even if a customer that pay in a good proceeding of profit will have to reduce the value to a bad credit history.

NOT DEPEND ON YOUR BUSINESS TYPE

A merchant will be labeled as a best high-risk merchant account and High Risk commit to a raised percentage of chargebacks, it can solely point to the published brand blended with the type of business.When a customer attempts to chargebacks for pay back his credit for one reason or another. The method of fighting chargebacks needs some time and if the merchant loses chargebacks, then it costs everyone who associated.

Understanding & Requirements

Typical Merchant Application requirements basic important Description and Documents are required in the Merchant Application for credit card processing.

Annual Volume – Merchant should describe the Average Monthly volume on the application. 

Average Ticket – Merchant should describe the ticket size of the products and services they will provide. 

Marketing Strategies – How the Products and Services are been Advertise, Should be clearly stated.

Approved / Secure website – Website(s) should be SSL certified, Terms and Condition, Privacy policy & return policy should be clearly mentioned on the website(s).

Business Owner’s D/L – Clear Scan copy of D/L is required.

Void Check / Bank Letter – Merchant should provide a clear scan copy of Void check or bank letter of a business bank account.

Months Of Bank Statements – Low-risk Business require – 3 months of bank statements

High-Risk business – at least 6 months bank statements.

A category may vary according to the credit rating and other information which may need are:

● EIN Letter ● Bank References ● Articles of incorporation ● Tax Returns ● Utility bill ● Personal statements ● Chargeback Reduction plan ● Phone bill ● Audited Financials ● Non –Profit Proof

Once the Documents are fulfilled, Merchant Stronghold set up the Merchant with the best solution for industries.