Submit Your Merchant Account Application And Avoid Paying Fees

Before you can be to accept credit cards, you will need to sign up and be approved by a merchant account provider. The benchmark that they use to make a decision is the merchant account application. This information will be processed to ensure that the appropriate information is included and verified for accuracy. The application form will be different among providers because the approval criteria and requirements are different.

The merchant application is utilized to make a clear assessment regarding each company’s financial needs and projects. Subsequently, to apply for merchant account you will be asked to share specific information that is personal in nature. This is the beginning of a financial relationship that requires trust on behalf of both parties. The application is a means of learning more about you to access the level of risk.

What Information Will I Need To Provide?

Merchant services want to do business with you, but they also must protect themselves. They need to know more about you and your intentions before committing to the relationship. The merchant account application serves as a formal presentation about your company. You will need to have access to paperwork and documentation that represents you personally and as a business owner.

The basic requirements for a merchant account setup usually include the following:

• Proof of ownership
• EIN or SSN
• Type of business
• Monthly processing volume
• Physical location of business
• Personal credit history

Completing Online Applications

To effectively move things along, merchant processors are doing away with manual applications in favor of the online merchant application. A digital application means less paperwork and speeds up the process. Having the necessary information readily available for the merchant account application, you can possibly have it finished in 10-15 minutes. If you need to gather information, you can stop and save it if you need to come back later. Once you are done, you can either sign electronically online or print it out and then fax or mail the document for processing.

Avoid Application Fees

A common tactic used by some merchant providers is to charge application fees. This is an unnecessary charge and should be used as a warning flag to avoid this company. Some processors see this as a way of skimming for profits instead of providing the service to retain merchants. Keep in mind that application fees are rarely used by reputable providers and there is no need for this with a merchant account application.

In addition, you should never pay any type of account setup fees or signup fees – regardless of how much of a great “deal” you are getting with a merchant account. In fact, these small costs accrue quickly and significantly outweigh any savings you would enjoy. Pay attention to merchant account fees and what you will be billed for or it will eat away at profits.

Once you have submitted your application form, it is time to wait and see if it approved or rejected. It is perfectly acceptable to submit your merchant account application to several companies to get a feel for the company.