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The Power of Balance Transfer Credit Cards
By Morgan Hamilton
Have you given in to the temptation of balance transfer credit cards? You will be able to transfer the balance off other credit cards to balance transfer credit cards. You will then benefit from Read more...
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The Importance of a Small Business Credit Card
By Jeremy Biberdorf
Small business plays a vital role in today’s economy. It is now easier than ever to establish a new business. According to the US Small Business Administration, small businesses pay over 45% of the Read more...
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Discover Small Business Credit Card
By Jeremy Biberdorf
Small businesses can save money on gasoline with gas credit cards too! With the Discover Business Card your business could be saving 2% on gas and 5% on office supplies. Plus you also earn 1% cash Read more...
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12 points Availability: Semester 1 and Semester 2 (See Timetable)
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Opening a Merchant Credit Card Account
By Jack Chevalier
There are a number of financial institutions that are providing a merchant card account to its customers. It is not necessary to have an account in a bank to have a merchant card account. What is essential rather is having complete documentation of the business and a stable history.
Merchant Credit Card Account Criterion
If you opt to have a merchant card account from a bank you would need to provide the following. While many banks may have a different criterion this is a general indexing of requirements by a merchant card account.
• Bank and trade references
• Financial Statements
• Credit History
• Tax Returns of at least two years if not more
• Previous processing history
However, new businesses may not be able to provide such documentation and/or a business may have a high sales volume that will put the bank at a higher risk for liability in case of bankruptcy or fraud.
When you find a processor who seems willing to work with you, there are a number of fees you can expect to pay – many of which are negotiable. These companies usually offer different types of merchant card accounts like offshore merchant accounts, third party merchant accounts etc. They also ask for less documentation like proof of business ownership and a check.
Approval is done on a rush basis which can be anything from instant to 5 days. Most companies have competitive rates and no long-term contract.
The fees of each company are variable and some payments you could expect to make are Start-up set up fee, statement fee, Transaction fees, and Discount rate and Chargeback fees.
How long does it take?
If you are applying for an Internet merchant account you will be notified immediately if you have been approved. Many times the reason the account was not approved is because there is a need to verify some of the information that was entered on the application. This is commonly due to spelling errors or typing errors made while applying. Because of this it is very important to review all of the data you enter and check it for accuracy. This will help to ensure your account is
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approved more quickly.
If you apply for a retail account it usually takes a couple of days longer to get setup to accept cards. This is because the application for a retail account doesn’t go directly into the computer system the way an Internet account does. You can usually expect it to take approximately a week to begin to accept cards with a retail account and 2 to 3 business days for an Internet account.
Keep in mind your merchant account should be flexible enough to service and accommodate your business needs now and to change with you as your business grows. Learn how a merchant account can keep your business from losing sales because you can’t accept convenient card payments. The sooner you are ready for business, the sooner you start gaining customers and growing sales. Plus, you can widen your customer base even further when you are ready and able to take your merchant account live online.
For more details visitCredit Card Processing and Merchant Services provider
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