How to Get a Merchant Account?
How to get a merchant account for online business? The answer to this question interests all companies that clearly understand that buyers are willing to pay for their goods not only in cash. That’s why it is so important to organize the reception of credit cards, mobile payments and other convenient means as soon as possible. To do this it is necessary to open a merchant account.
What is a merchant account and how to get it?
The procedure of opening a merchant account may seem complicated, however, after reading this article you will get step-by-step instructions which will significantly simplify the process of opening an account.
A merchant account is an agreement between an acquirer bank and a company that sells its goods. By signing this agreement, the company automatically agrees to strictly follow all Visa or MasterCard rules.
If your company does not accept these rules, the processing of credit card payments will become impossible, which means you will lose your potential clients.
However, the need to accept these rules does not force your company to rush the decision to choose a merchant account provider. You need carefully consider everything, taking into account all factors.
Step 1: Choose companies with which it is profitable for you to cooperate.
Yes, Visa and Mastercard are non-negotiable, but if your company focused on the clients of countries with its own payment system, make sure that the bank where you open a merchant account will be ready to serve the cards of this system.
Step 2: Choose the most convenient payment model for you
Some customers will find it convenient to make one-off payments, while others will prefer regular billing. Each case is individual. Your company’s goal is to ensure that the bank where you open a merchant account supports the most popular payment models.
Step 3: Analyze your company’s turnover.
The turnover of the business is one of the most important factors that all banks assess. Depending on this factor, they offer companies different service fees, which ultimately affect the financial result. Of course, no one will take your company’s word for it and the bank will probably ask you to submit documents that show the turnover of the cards for the past period of time or the financial condition of your firm.
Step 4: Define clearly which bank you want to open an account with.
Do not immediately rule out the option of opening an account with a local bank, because very often these banks can offer you the best conditions for traffic performance and speed. In addition, be sure to consider the option of cooperation with the bank you worked with earlier. Regular customers very often get more loyal terms of cooperation.
Step 5: Make sure that your site meets all requirements of Visa and Mastercard payment systems.
If it turns out that your site does not meet any requirements, it will be difficult to get a merchant account. Of course, your site should be hosted on your own and have a unique domain. This step is especially important for those companies that do business online.
Step 6: Prepare all documents to send to the bank.
This applies to all tax returns, documents related to the activities carried out by your company, checks and much more. A more detailed list of requested documents can be found at the bank where you plan to open a merchant account.
Step 7: Submitting an application to open an account.
Fill in the account opening application form and send it to the bank together with all the documents.
Remember to compare all the conditions that different companies offer you. This applies primarily to fees for opening a merchant account, monthly service fees, refunds and so on.
A simpler option
We are well aware that the instruction we provide seems simple, but in practice your company may face many difficulties. How can you avoid them? Open an account and manage your business with PayDo.
We offer multicurrency electronic bank accounts and merchant accounts, as well as a huge number of other services at the best rates. Our company is an authorized payment partner of Visa and Mastercard. In addition, we provide round-the-clock support to all customers, solving any difficult situations quickly and easily.
Open a merchant account with us and you will be surprised how simple and profitable it is!