How Do You Apply for a New Merchant Account?

When you decide that your business needs to start accepting credit cards it is important that you find a processing company that understands what your business is and can help you choose the correct account.  There are many processing companies to choose from; even your own bank may offer credit card processing. It is important that you check a few different processing services and compare their accounts, fees and services.

Apply for new merchant account services with a company that offers:

  • Cost analysis
  • Quality terminals
  • Smart Phone solutions
  • Check readers
  • Variety of accounts
  • Low fees

 

These factors will be important to your business and to your budget. Before you apply for new merchant account services you will need to have an idea of the number of transactions you will process each month, be prepared to provide your banking information and give permission for a business credit check.

Because a merchant account is based on your business income, transactions and because the processing company makes their money on the rates they charge you per transaction or per dollar processed it is important that they check everything and make sure that they are not taking a chance that will result in a loss on their part. You will also need to be prepared to provide the date your business started, the length of your lease if applicable and several other pieces of general information that you may not think are relevant. The number of employees you have, your business lines of credit and even your person financial information could be requested.

Gather your bank information, company balance sheet and preferably a profit and loss statement for the past year or more when contact a processing company in order to discuss merchant accounts and apply for new merchant account services. This is an important decision for every business owner and choosing the right processing company and terms for your company can be a huge benefit which is important for your company to grow.

As the leader in merchant accounts, Vision Payment Solutions can help you find the perfect solution for your business. Led by the knowledgeable CEO, Eric Hannelius, VPS can accommodate any business of any size.  Contact us today!