Merchant Account Requirements

Though a lot of formalities to be completed, getting merchant account is hassle-free if you provide exactly what is required by a merchant account provider.

Below we provide a quick checklist of what you will need in order to get a merchant account with an effortless ease. This will hasten the process of getting your application approved without any hurdles. Keeping the things below ready when you approach a merchant account service provider will ease the task for you.

Basic requirements that you may or may not (depending on the provider) need to fulfill in order to obtain your merchant account include: credit history, length of time in business, business type, types of products or services, cost of items and services offered, the market segment in which you operate, business financial information, average order size, average monthly amount, the processing method in which products and services are being sold and delivered (manual or real-time), refund policies, other sources of income, business location (It is difficult to get a US merchant account if you are not located in the US.)

This is what you require basically to obtain a merchant account:

  • Business checking account (some providers set you up with one)
  • Copy of a voided check (if you use your own business checking account for credit card funds to be deposited in)
  • Articles of incorporation, business license or reseller license. (A ‘Certificate of Assumed Name’ from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business.
  • Photocopy of your return or refund policy List of trade references
  • Photocopy of recent tax returns (may or may not be needed depending on monthly sales volume you expect through your merchant account)
  • Photocopy of your drivers license
  • Social Security Number of the principal owner(s) (to run a credit check)
  • A website (If you opt for real-time processing and not manual processing)