Merchants or clients who accept credit cards and mobile payments definitely need a merchant account. If you are opening a business and you also gained significant amount of revenue and now you need to receive payments from your client, then you ought to open a merchant account. This account of yours will store funds from customer’s debit and credit purchases.
First of all, you should look around for various merchant account providers and compare their services. The most important things that you need to look out for are low fees and customer support. After you have done all this research, you are ready to open your merchant account.
You need to provide personal and business information to apply for a merchant account. Mention any concerns you might have to the account provider if you have a business that deals with high-risk.
Before opening a merchant account, you must decide how you want to accept credit card payments. There are many ways you can receive payments. You can accept credit cards through your website and you can ask for the clients’ details on phone or by mail. And you can have your customers swipe their Visa or Master Card when they visit your business or workplace.
The next step for you is to look for a merchant account. It is very simple. You can just visit a bank and ask for it. There is no need to sign up with the bank for any services at first. Research about as many providers as you can.
Fee structure is very delicate so you need to check so many things such as transaction fee, monthly fee, statement fees, cancellation fee, etc. Other than these, there could be other type of fees such as annual fees, setup fees, and charge back fees. Then check the customer services of the merchant account provider. Other factors that need evaluation are experience with other established businesses and how they satisfied the clients are with the merchant account provider’s services.
The next step in your hunt for a merchant account is to ensure that it comes with a gateway payment. If you don’t have a gateway, you won’t be able to receive payments. These middlemen check whether the client has sufficient to pay for the services rendered to the merchant. If the client has enough money, then they transfer the fund to the owner of the card. While you are going through all these processes, look out for any signs of the scams.
Now, that the research part is over you can ready to open a merchant account. There is another checklist that you have to tick off to open it.
First, you have to prove and show that your business model is generating a significant amount of revenue, that you have enough clients for your business to get it going, and that your business is stable in terms of finance.
Then, you create your processing history. The provider needs minimum six months of statements. your transactions, refunds, charge backs, etc. Complete the application. Fill in all the required information and details. Review all the process again and again and when you done everything – install the software.