Are you getting ready to set up a new merchant account?

If so, there are a few things you will need to get ready before you get started.

Before you can get an approval for your merchant account you will need to get some paperwork ready along with a completed application.

Some items you will most likely need are:

• proof of business (Articles of Organization, etc.)
• your State’s Sales Tax ID
• proof of your identity (i.e. a copy of your driver’s license
• a VOID check from your bank account (no starter checks)

Additionally, you’ll need to consider HOW you want to process transactions…

How to Set Up a Merchant Account

First off, you’ll need to know a few things about your business.

For example, do you have any credit issues?

Or is your business considered “high risk” by merchant account providers?

In either case you’ll need to work with a specialist, someone who deals with high risk merchant accounts.

Next, you have to consider how you want to accept credit cards. And even if you have a retail location, there are other factors to think about.

For example, will you process transactions wirelessly?

Will you have a phone line, or do you want a credit card terminal to hook up through your internet connection?

Though some machines can work with either a phone line or internet connection, some older terminals require a standard phone line with dial tone.

If you are interested in setting up an internet merchant account, you have a few more choices as well.

For instance, do you want to link directly to your website?

Or through an online shopping cart?

As you can imagine, each of these questions leads to a different merchant account solution. What’s more, each type of processing solution will entail different processing rates and fees.

So, the bottom line is you’ll want to get answers to these questions before you settle on one company, because not all merchant account providers are the same.

How to Get the Best Merchant Account

To find the right a merchant account provider, there are a couple of ways you can get started.

You can click on the link below to get a free rate quote from qualified providers, saving you time and aggravation:

CLICK the link and compare free
merchant account quotes today >>>

Or you can visit our new merchant accounts page for more information about how to accept credit cards for your business.

The choice is yours…

The number one reason why many business owners end up with the wrong merchant account provider is lack of research.

That might not be what you want to hear (or read) right now. But it IS the truth.

You will find a number of merchant account providers online who will promise you a quick, easy or painless approval process.

But 99% of the time that is just hype.

How do I know that?

Because many of the people who have been “burned” in the past end up here looking for help. And honest advice.

So can you (should you) really get an instant merchant account?

The Merchant Account Application Process

Like any type of financial or banking product, there is an application process involved with getting a merchant account.

And that includes underwriting.

Even Paypal requires an approval process once you apply for a business account.

So what is the underwriting process?

Though each particular merchant account provider does have their own guidelines for approval, the process itself is very similar for each company.

They are basically checking four important factors:

1. Your credit score & history
2. Proof that your business entity is valid
3. Your business type
4. The amount of processing volume you are requesting

CREDIT SCORE

The first is probably the easiest to understand, but many people don’t know why credit score is such a big deal for accepting credit cards.

That’s because accepting credit cards for your business is similar (from the bank’s perspective) to having a line of credit.

And when you think about it for a minutes it makes sense.

When your customer uses his or her credit card, they are in essence promising to pay the bill. Meanwhile, 24 to 48 hours after the transaction settles their money is in your bank account.

So any merchant account provider has to be sure that they can the money OUT of your bank account should the transaction turn out to be fraudulent, or if your customer refuses to pay the charge on their bill (i.e. a chargeback).

BUSINESS ENTITY

Proof means paperwork.

Just about every merchant account provider is going to have a list of required documents. And even if you apply online, the most you will receive is a “pending” approval until there is paperwork to back up your application.

What does this means?

Even an “instant” merchant account doesn’t mean that you are approved instantly… only pre-approved.

And it also doesn’t mean that you can accept credit cards for your business minutes after receiving your pre-approval.

BUSINESS TYPE

Why is the type of business so important?

Because some business types are considered “high risk.” And that means some processing companies will not approve your application, even if everything else checks out.

And if this is the case you will have to work with a high risk merchant account provider who specializes in these types of accounts.

PROCESSING VOLUME

Finally, some new accounts may be approved, but for a processing volume less than you may need.

The reason?

For merchant processing companies it’s a question of risk.

Processing volume restrictions are common if you need a home based business merchant account, or for certain business types that are just getting started for the first time.

So what does all this mean for you?

Sadly, “instant” merchant accounts are really more myth than reality. At best you will receive a pre-approval, with final approval pending supporting documentation and underwriting.

And once you do have an approval you will still have to be “programmed” into the system.

For online accounts this doesn’t normally take long.

But if you need a retail merchant account you’ll have to wait for a new credit card terminal to be shipped to you, or reprogramming instructions sent along if you already have a compatible machine.

Your best bet?

Focus less on the how long it takes to get an approval, and focus more on…

How to Find Qualified Merchant Account Providers

To find the right a merchant account provider, there are a couple of ways you can get started.

You can click on the link below to get a free rate quote from qualified providers, saving you time and aggravation:

CLICK the link and compare free
merchant account quotes today >>>

Or you can visit our new merchant accounts page for more information about how to accept credit cards for your business.

The choice is yours…

Comments?  Questions?  Other merchant account issue you’d like to share?

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