In today’s fast-moving technical yet approachable world, it is essential to have a merchant account. A merchant account is nothing but an agreement between Retailer, Merchant Bank and Payment Provider. After purchasing the Merchant Account, You have to go through the online application submission through the merchant account to be eligible for the merchant account.
Below mentioned are quick yet easy steps to step ahead for your merchant account:
- Login to your account
- Go to merchant account section
- Click the online application form
- Fill up the details
- Submit it for the review
After the submission of your online application for merchant account, your application will be reviewed by the merchant service provider. Here are five things that you must consider when you are going through the merchant application and approval process:
- Know Your Industry & The Merchant Service Provider
- Never Lie On Your Merchant Application
- Provide As Much Relevant Info As Possible
- Only Ask For What You Need
- Provide Current Processing Statements
How to Get Approved For the Merchant Account??
To increase your merchant account eligibility, follow these tips:
- Ensure a positive credit rating
- Be honest about previous merchant accounts, bankruptcies, liens or judgments.
- Be willing to pay higher fees or accommodate special account requirements.
- Shop around for a credit card processor that best suits your needs.
- Only Ask For What You Need
- Provide Current Processing Statements
At the time of selecting a merchant service, one important consideration may be the fees. Merchant accounts have the variety of fees attached to them, not all of them are always clearly stated in contracts, including:
- Application Fees
- Setup Fees
- Monthly Fees
- Discount Rate
- Per-Transaction Fees
- Cross-border Fees
- Rental fees for a credit card terminal
You can contact your merchant account provider directly if you have any questions regarding your application status.