Your merchant account is very easy and simple to establish. It is also a very important aspect of runningyour business. Many merchant 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 are some of the items that you will need to be able to apply for your merchant account.
A Business Checking Account: This is an obvious one for most businesses. 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 bank to establish a business checking account. You also have the option of having the bank you are setting your merchant account up with providing you with a business checking account.
A Voided Check from your business checking account: The voided check will be used to provide a sample to the merchant bank so your funds can be deposited. This will only be needed if you have already established a business checking account. If you are setting one up through the merchant bank than this step will most likely be avoided.
Business Licenses: You will need to provide eveidence that you are infact, a “real business”. A copy of your license will usually be sufficient.
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 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 fully disclosed. It is a good idea to have this in writing for your customers as well. 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 establishedwith various vendors. What the processor is looking for is evidence that you pay your business related bills on time. The longer you have done business with a reference the better, but if you are just establishing a business you may be able to use personal financial references to show you have responsible bill paying history.
Tax Forms: A merchant bank may also ask for copies of your previous tax forms to establish the income of your business. This will guide them as to how many sales and possible amounts that will be used through your merchant accounts.
While these items will be needed to apply for your Merchant Account other pieces of information may also need to be collected. You will need to know the estimated number of credit card transactions. Remember that this is an estimate and adjustments can be made once your merchant account is established. Taking credit cards will be a breeze!