Categories
Business

Filling out a merchant account application

To add a payment gateway to your business, you need to fill out a merchant account application. After your merchant account application has been reviewed, a representative from the merchant account provider will contact you to set up your account.

Merchant account application may require an up front fee of about $75 to cover their expenses and open your account. You can also find merchant account services that do not charge an application fee and set up your account for free. The approval time may vary, with some firms guaranteeing same day approval.

Merchant account application forms will ask information such as your name and address. Additional information about your business is also required such as how long your business has been in existence and what products or services you sell. Internet merchant accounts will require information about your website.

If applying inside the United States, you may need to provide a social security number. The account service is open for legal residents over the age of 18 with a US bank account and a legal US business.

Online merchant account applications have made it easier to acquire an account. Their simple step by step process will allow you to fill in all the information required without having to leave your home. Plus many merchant account provider websites will give you access to their online customer service, so you can get your questions answered quicker.

You can be fairly confident that your merchant account application will be approved since a high percentage of them are, if you have filled in all the required information.

Not all merchant accounts are alike; therefore you need to shop around for the best deals.

The most important thing might be to check out their fees per transactions and whether it varies depending on the amount of money they have to process.

Transaction fee

When choosing a merchant account company be sure to read the contract. Some firms may limit the maximum monthly transactions from your website. There might also be significant fees on charge backs.

Also find out how long it takes for the money to be available for withdrawal. A provider may accept on or all credit cards such as MasterCard, American Express, Visa, etc.

You should find out all this service information before you file your merchant account application.