How Do I Open a Merchant Account?
Once you have all your documents you need to open a merchant account the next step is to decide on the provider. While ‘best rates’ and ‘attractive conditions’ might look great it does depend on the type of business you own. It’s worth noting the following when choosing which provider you should open an account with:
1. Choose credit card brands to work with
Look at what credit card brands are important to you. For instance, you might only need Visa and MasterCard or you may need to consider where your customers are based and what type of credit card they use and how you can provide for them.
2. Figure out how you want to accept payments
As a merchant, you might offer your clients various payment methods, be it in person with a card machine, via your website with an online payment, recurring billing or one-time payments. If you opt for a payment service provider they can advise you with this.
3. Look at what merchant account providers there are out there
Before opening an account it’s worthwhile checking out and comparing which provider will work best for you. Fees are a big thing to consider if you opt to go it alone and perhaps are a larger business but again payment service providers may be the best option for you if you are a smaller business as you are more likely to get a merchant account with one. PSPs can assist you with the opening, setup and integration process.
4. Ensure your website is secure
This is essential, particularly if you run an online business. Make sure it complies with all the Visa and MasterCard requirements and protects against fraud. A payment service provider can help you with this. Otherwise, it’s up to you to make sure it’s secure and clear.
5. Collate all your documents
Gather all the relevant documents we’ve mentioned above to ensure the process runs smoothly. Again a payment service provider will advise you on the right documentation you need and find the right solution for your company.
6. Submit an application form The application form will be assessed together with the documents provided. Once approved the account is set up so you can start processing and accepting credit card payments.
If you need further help from us with how to apply for a merchant account request a call back / contact us here