To open a merchant account for your small business, you need these important requirements: have a good credit standing, deal with a suitable merchant account provider, comply the basic conditions needed to set up a merchant account, and follow provider’s instructions.
If you have a small business or you are just starting out, getting a merchant account suited to your needs can make your business grow and make it more profitable. The requirements you need to comply do not differ much with other retailer requirements. Here are some important conditions you need to carry out:
Have a good credit standing
Even though rates are lesser for small business merchant accounts, most providers see to it that you have good business credit history to make sure that you are able to fulfill your financial obligations with the service they offer. If you are just starting out your business, you can use your personal credit history for this purpose.
Deal with a suitable merchant account provider
To do this, you need to compare merchant account providers based on the rates they offer, the services they provide, as well as their reputation. Websites such as Cardfellow.com will help you do this. Choose a provider that has reasonable rates for your simple needs. Furthermore, a suitable small business merchant account provider does not only let you save on their fees, but also allows your business to grow as well as operate efficiently. Make sure their services are useful in your operations. They must also provide good customer service for your concerns that might come up any time.
Comply the basic conditions needed to set up a merchant account
There are some conditions you need to comply before you can open for merchant account. You need to be at least 18 years of age to enter into a contract, such as opening a merchant account. In addition, you need to be the owner, partner, or authorized representative of the business entity or company you are applying for. Before you can get a merchant account, you also need to have an existing checking account under your name or business name, as well as an existing website and a payment gateway facility. If you have no checking account yet, your merchant account provider can help you do this. They can also assist you or provide you with a payment gateway facility, which takes care of the credit or debit card transaction authorizations through the Internet and the flow of funds from credit card companies to your merchant account.
Follow provider’s instructions
There could be other requirements that certain providers may ask from you before you can get a merchant account from them. Be sure to know about this upon choosing the right merchant account provider for your small business. You may be required to undergo risk assessment test, as well as submit certain business and identification papers. Be ready to also fill up their online application forms and pay the fees for the service.
Once you comply with all these conditions, you only need to wait for a few more days, usually two to three business days, for your merchant account to be all set up. Your business would then be ready to grow and become more efficient for you and your customers.