Setting Up Your Credit Card Processing Account
Your merchant account is very easy and simple to establish. It is also a very important aspect of your business. Most banks will have the forms that you will need to complete in order to obtain your merchant account. Others may even send a representative to you business’s location. Here is a list of items you will need to be able to apply for your merchant account.
A Business Checking Account: This is an obvious one for most companies. If you have been in business for very long, you already have a checking account for your business. If you are just starting your business then it is as simple as going to your local bank and establishing a checking account. Your local bank may offer merchant accounts as well.
A Voided Check: The voided check will be used to provide a sample to the merchant bank so the bank will know where to deposit your credit card processing funds.
A copy of your Buisness License: You may be asked for this.
If applicable – Your Website Address: The would only be necessisary if you are planning on selling goods or services thorugh the internet. You will need to supply the merchant acquiring bank with your web url.
Return policy: This is simply a description of your return policy. If your sales are final then you should simply state that in your policy. If you have a 30 day money back guarantee then the details as to what qualifies will need to be disclosed. Many place post their return policy on receipts and others only have it posted in the stores location. If you are a web based business than supply the merchant bank with the a copy from the web sites of your refund policy.
A couple Trade References: Trade references are simple business relationships you have already established. This could be a supplier you have used in the past or currently. What the processor is looking for is evidence that you pay your bills. The longer you have done business with a reference the better, but if you are just establishing a business you may need to have your personal finances weigh in on any decisions.
While these items will be needed to apply for your Merchant Account other pieces of information may be requested by the bank. You will also be asked some basic information, such as the estimated number of credit card transactions. Remember that this is an estimate and adjustments can be made once your merchant account is established. Once your account is setup, you will wonder how you ever were in business without accepting credit cards!
