When you are starting a business online or at a physical store, it is important for you to try to figure out what types of payment your business should accept. Your company will not be able to gain the large customer base that you are looking for if you only accept cash as a form of payment. In order to expand your business and get as many customers as possible, you will have to provide a more complete customer service experience. This is normally done by providing different credit card processing options for your customers.
What You Need
In order to obtain a merchant account for your business, you will have to have a checking account for your business. If you have a physical store in addition to your online store, your mailing address will have to match the address that is listed on your company’s checks.
You will also have to have a valid employer ID number. This can be obtained from the internal revenue service. An online storefront that is active and in working condition is also required in order to get merchant accounts for your business. Your online storefront should have a valid business name and a domain name that has been registered under your name.
A checkout system that has been secured should be added to your online storefront as well. In addition, you should be able to explain what types of payment methods you would like to accept.
Getting the Merchant Account
In order to add credit card processing options to your business, you will need to go to the website and fill out a merchant account application. This application requires you to include different types of personal information. For example, you should have all of your company’s financial statements ready. In addition, you will need any permits and licenses that are associated with your business and your driver’s license.
Your company’s financial account information will be needed as well. This will include the account number and the routing number that is associated with your company’s checking account. There are fees that will be a part of opening up an account. However, these fees will be based on how large your business is. You will be responsible for taking care of your company’s variable fees and fixed fees. Fixed fees include any annual fees that are associated with the account, the monthly cost of maintaining the account and the cost of applying for the account.