Getting Started With A Credit Card Processing Account For Your Company
A merchant account is very easy and simple to establish. They are also a very important aspect of runningyour 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 are some of the items that you will need to be able to apply for your merchant account.
Your Business Checking Account: This is an easy 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 up 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: The voided check will be used to provide a sample to the merchant bank so the bank knows where to deposit the funds from your credit card processing transactions.
A copy of your Buisness License: You may be asked for this.
Web Site 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 bank with your URL.
Return policy: A written out return policy will usally be required. If your sales are final then that is all that must be stated. 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 established. 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 supplier / vendor the better, but if you are just establishing a business you may need to have your personal finances weigh in on any decisions.
This list is the most commonly requested items by processing banks when setting up your merchant account, but other pieces of information may be requested by the bank. 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. In no time you will be accepting charges for your goods.
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