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![*]()
Merchant Account Requirements
![*]() Here we provide a quick
checklist of what you will need to hasten the process of getting
your application approved without any hurdles. Keeping the
things below ready when you approach a merchant account service
provider will ease the task for you.
What you need to know are the criteria for providing merchant
accounts to Internet businesses. Basic requirements that you
may or may not (depending on the provider) need to fulfill
in order to obtain your merchant account include: credit history,
length of time in business, business type, types of products
or services, price of products or services offered, the market
segment in which you operate, business financial information,
average order size, average monthly amount, the processing
method in which products and services are being sold and delivered
(manual or real-time), refund policies, other sources of income,
business location (It is difficult to get a US merchant account
if you are not located in the US.)
This is what you need:
- Business checking account (some providers set you up
with one)
- Copy of a voided check (if you use your own business
checking account for credit card funds to be deposited
in)
- Articles of incorporation, business license or reseller
license. (A 'Certificate of Assumed Name' from your county
Register of Deeds office may be all that is required.
These only cost around $8.) The purpose of this is to
prove you are a legitimate business.
- Photocopy of your return or refund policy
- List of trade references
- Photocopy of recent tax returns (may or may not be needed
depending on monthly sales volume you expect through your
merchant account)
- Photocopy of your drivers license
- Social Security Number of the principal owner(s) (to
run a credit check)
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