Getting A Credit Card Merchant Account
A credit card merchant account – along with other, supplementary payment processing – is crucial to your company’s operation. Your entrepreneurial success or failure can depend on whether you accept credit cards. Searching for a bargain in the world of credit card merchant accounts can be difficult, and credit card merchant accounts themselves can be perplexing. So, let’s address what credit card merchant accounts are, what is needed to obtain your merchant account, and the fees involved.
Credit card merchant accounts are special accounts for a business to process credit card orders. After you’re finished processing a customer’s credit card, the transaction undergoes many steps. The money transferred through your credit card merchant account is deposited into your business checking account soon thereafter.
Careful preparation beforehand will ensure that you can easily handle your credit card merchant account application process. Some materials you might need to obtain your credit card merchant account can include:
• Checking account: Many providers include this, but most require that you have one already. If you’re a sole proprietor, you can use your personal account, but if you’re an LLC or a corporation, you may need a business checking account.
• A voided check: You will need this if your checking account is the account in which your funds will be deposited.
• Business licenses: A certificate of assumed name may be required – to prove you are a legitimate business.
• Pictures of business office and/or location: If you are not considered high risk when you apply for a credit card merchant account, this is usually not needed.
• A website: This is generally only if you want real-time online processing and, if you are not an online business, you will not need a website.
• Return policy: Your credit card merchant account provider will need specifics.
• Tax returns: This might be needed for higher risk accounts, according to the sales volume you expect through your credit card merchant account.
- Your driver’s license: This document may only be required if you’re a sole proprietor without a business license.
There are several factors to consider carefully when you first apply for your credit card merchant account, but with research – and a little patience – you can settle in with a credit card merchant account provider that delivers. Call Vision Payment Solutions today!