8 Basic Requirements In Acquiring Merchant Accounts For Your Online Business

You would need the following requirements to get a merchant account: a website

, a merchant account, application, a business checking account, a business financial statement, a personal financial statement, a business registration, a contact number, and a voided check.

online businesses now make use of merchant accounts to achieve better customer and seller satisfaction. Here are the following requirements you may need in order to get one for your site.

Website

First of all, you need to have a valid and active business website. Check if the domain you are having is legal and available and must be registered under your name. Your website should be ready to accept business and must have a clear account on it's policies like payment and deliveries. We also suggest that your website must have a secure checkout system.

Merchant account application

Use this form to provide details about your personal information and the business information. It must include your social security number, a tax identification, email address, website domain, and other necessary info like your bank account details.

Business checking account

A business checking account is now necessity for business owners. The business checking account can be opened using the business name and can help merchants conduct and monitors their transactions and finances easily through their company name. To acquire a business checking account, the merchant must meet requirements regarding business ownership and validity.

Business financial statements

If your business website has been online for quite some time already, you need to provide a copy of financial statements of the different transactions made. Ideally, the business financial statement is required after at least two years from the date of application.

Personal financial statements

If a business financial statement is unavailable, you can submit instead your personal financial statements. The personal tax returns will do.

Business registration

You should give an assurance that the online business you are having is legitimate. Banks would require a copy of the merchant's permit, documents of incorporation, a business license, and a seller's license. The business owner and the online shop must both a valid registered business address as well.

Business contact numbers

The site owner must provide details on how he/she can be contacted.

Voided check

You must provide a voided copy of bank account check that your money can be deposited into. The "Doing Business As" (DBA) must be present on the check.

Hassle-free modes of payment can always attract business. Secure now a merchant account and watch your business grow.

by: Jacob Schiffer

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