Requirements for Online Merchant Account
For merchants that try to make new merchant accounts, it is imperative to have a comprehension of the necessities for online merchant accounts. Thinking about the prerequisites for credit card processing on the online can ensure that a merchant does not mistakenly engage in fraud and makes every single vital report to a managing bank. Here are a some of the necessities that a merchant should to consider for an online merchant account.
Typical Merchant Application Requirements The basic important Description and Documents are required in the Merchant Application for credit card processing.
Annual Volume – Merchant should describe the Average Monthly volume on the application.
Average Ticket – Merchant should describe the ticket size of the products and services they will provide.
Approved / Secure website – Website(s) should be SSL certified, Terms and Condition, Privacy policy & return policy should be clearly mentioned on website(s).
Marketing Strategies – How the Products and Services are been Advertise, Should be clearly stated.
Business Owner’s D/L – Clear Scan copy of D/L is required.
Void Check / Bank Letter – Merchant should provide clear scan copy of Void check or bank letter of business bank account.
Months Of Bank Statements – Low risk Business require – 3 months of bank statements High Risk business – at least 6 months bank statements.
Category may vary according the credit rating and other information which may needs are:
● EIN Letter ● Bank References ● Articles of incorporation ● Tax Returns ● Utility bill ● Personal statements ● Chargeback Reduction plan ● Phone bill ● Audited Financials ● Non –Profit Proof
Once the Documents are fulfilled, Merchant Stronghold set up the Merchant with best solution for industries.
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