Opening a merchant account is easy and can be acquired within 24 hours as long as you follow these 5 steps: be knowledgeable regarding merchant accounts, set up an ISO to go along with your merchant account, choose a bank or account provider, apply and present the requirements, and pay for the merchant account.
Establishing a business especially in the cyber-world surely is a new trend in the modern era. Putting your customers in the hassle of paying in cash or in check will probably lead you to losing them. Setting up a merchant account is an effective solution for this problem. It only takes 24 hours to open a merchant account so, follow these steps and go get one.
Be aware of the nooks and crannies of a merchant account
Before applying for a merchant account, you have to know the basics of having one. Make sure that you know the tips, use and the best bank to acquire what you just need and at the same time, satisfying your needs. Doing this, you’ll be safeguarded from the risks linked to opening a merchant account.
Set up a credit card broker or an Independent Sales Organization (ISO)
Before acquiring a merchant account, you have to set up a trusted checkout system or ISO such as PayPal, Visa, MasterCard, American Express and the likes. Make sure that your choice is well-renowned because this will provide security to your customers.
Choose an “acquiring bank” or “provider” which supply merchant accounts
Always be on your guard when handling financial matters. Be sure that the bank you are committing to is reliable and trust-worthy. Whether you only have an online selling page or a physical store front, you should know that you need different merchant accounts for each. When you are physically in a bank, you have to fill out an application form for opening a merchant account. On the other hand, if you are online, search for the link that will lead to the application form.
Apply and present the requirements
Businesses have different requirements needed depending on the size and the product that you sell. Here are the basics: your business bank account number and routing number, a copy of your Articles of Incorporation, an identification that proves that you are the enlisted titleholder of that business, a few business credits, your business license or permit, and a copy of your recent processing account statement. You also have to be ready with your personal information. This includes an identification card and your driver’s license.
Pay for the merchant account
Provide compensation for your acquired merchant account. This varies to the size of your business. Nevertheless, you have to pay for the fixed fees and variable fees. Fixed fees refer to the application cost, the monthly and annual cost of the assimilated merchant account. On the other hand, variable fees will depend on how much your usage of the service is for every month.
All these procedures will be over and done with after 24 hours. Opening a merchant account is one step of getting closer to the prosperous and flourishing business every entrepreneur dreams of.