Accepting credit card payments on your website or over the telephone requires you to set up a credit card merchant account. You can do this either at a bank or a dedicated payment processor that handles Internet merchant accounts. To process your application as quickly as possible, be sure to provide the following information.

Documents Required:
• Void business check, with DBA (“doing business as”) printed.
• Articles of incorporation, with the signor as one of the listed officers.
• Completed website or informational brochure for MO/TO merchants.
Ensure the Best Rates by Providing:
• Business plan/executive summary.
• Financials (opening balance sheet).
• Bank statements to prove company viability.
• Processing statement to show a good record.

Your business plan should clearly identify the nature of your product or service and your compensation plan. During the incorporation process, make sure the person you plan on signing for the account is on the articles.

Get the best rates for payment processing when setting up your merchant account. To ensure a favorable rate and win your business, a payment processor needs to clearly explain your business model to its underwriting department. Lower fees can be had when applying for an account by making certain that you have a fully fleshed out business plan or prospectus. Have your corporate financials, bank statements and ownership information handy. Certain types of companies are riskier than others, and therefore demand a higher fee structure. These companies are often reluctant to release financials or business information, raising red flags.

Keep your payment processing fees low by reducing chargebacks! Protect your business by clearly presenting this information on your website:
1. Refund policy.
2. Terms and conditions of the purchase.
3. Customer service contact information, including email
and/or telephone number.
4. Transaction currency (e.g. US dollars, Canadian
dollars, Euros).
5. Export or legal restrictions, if applicable.
6. Shipping or delivery policy.
7. Location of your business.
8. Privacy policy describing type of information collected
and its use.
9. Security Certificate.
10. “About Us” or company information section.

MERCHANT CHECKLIST
What you need to obtain a merchant account:
[   ] Business Registration
• Names of individuals with ownership and signing authority.
[   ] Void Check / Bank Account Reference Letter
• Check must have a descriptor (”Doing Business As”) listed.
• If a check is not yet available, a bank letter indicating the account holder’s name,
account and transit number will suffice.
[   ] Bank Statement
• For a business with no prior history of processing payments.
• A 3 month history is required.
[   ] Processing Statements
• Needed to review costs and get you the lowest available rates.
• Required for a risk assessment.
• Determines whether you need assistance with chargebacks.
[   ] Financial Information
• Profit and loss statement (P&L) and balance sheet.
• For merchants with an expected high monthly volume.
• Large ticket items.
• Merchants considered high risk.
• In the absence of financials, tax returns can be shown.
[   ] Business Information
• Required to tailor a merchant account best suited for your company.
• Products or services offered and compensation plan.
• Other information such as marketing collateral or website.
[   ] Website Policies
• Visible refund policy.
• Shipping policy.
• Terms and conditions.
• Privacy policy.
• Contact information.

Posted in Merchant Account by Louis Georgakakis on November 11th, 2009 |

This entry was posted on Wednesday, November 11th, 2009 at 2:50 pm and is filed under Merchant Account. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.