Merchant accounts are the third party account that allows business to accept credit or debit card in a transaction. The business needs to register for a merchant account so that they can accept worldwide payment. Whereas, the payment gateway acts as a proxy between the merchant account and customer and merchant, and acquiring bank that handles the merchant account.
Either starting trader or established business, they both lack in information about things required for applying for a merchant account in the UK. What documents you need to collect, what pitfalls come in place, and reason to apply for a merchant account. Every business owner makes sure they qualify for a merchant account in the UK. Here are some tips on how to get a merchant account for small or big company, high-risk or retail shops etc.
- Gather all the financial data because it is the single tool that turns the table and brings the best advantage, the terms of approval.
- Business details required for the gateway
- The account provider will require data about the business and details of traditional bank
Some administrative details also require like a certificate of company incorporation, registration of sales tax certificate, amenities bill, establishment certificate and its registration, partnership agreement if any(mandatory), rent agreement or lease agreement, and VAT registration in the UK.
Financial and personal Details Required By Banks
- Last income tax return
- Bank statements
- Company auditing report
- Personal details of owner or business manager will require for scrutiny
- Identity proof of resident of UK or passport in Case of outside person, it can be driving license, passport, and introduction letter of an existing banker.
In place of residence proof, one can provide electricity bill, telephone bill, a letter from the bank.