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Merchant Account Application Instructions
Different businesses need different solutions and a one stop payment processing portal is what you need to make that decision as easy as 1-2-3. There are several different business structures and each situation accepts a different payment model. We have configured a solution that makes this process easy.
A retail merchant account or (Brick and Mortar) business must have a POS system in place who visually takes the credit card which allows for different rates then an online type merchant account.
An online business accepting credit cards can use a payment gateway and Virtual terminal for your processing solutions. We have all the solutions to all businesses in the world.
What you need to get started.
- You must be at least 18 years of age to be eligible to apply for a merchant account.
- You must also be a Principle Owner of the business and have the following information.
- Business must be located within the continental United States ( PO Box addresses WILL NOT be accepted )
- Federal Tax ID# (Corporations only)
- Your Social Security Number
- U.S. commercial checking account DDA and Routing numbers ( Net Bank Accounts NOT accepted )
- Two ( 2 ) trade references ( including phone numbers )
If you are currently processing ask us how we can help you switch (fast and easy)
- ALL major credit & bank cards accepted along with checks
- Single-source merchant services
- Choice of equipment terminals (ask us what better suits your needs)
- Online reporting / transaction management/ monthly statements
- ACH funds deposit into the commercial account(s) of your choice
- In-house RISK / UNDERWRITING departments
- FREE American Express setup
- FREE cost analysis & processing quotes
- FREE 365 / 24 / 7 customer support
We are so confident that we provide the lowest prices and best value for the money, that we will pay you to find a better deal.
If you find a registered service provider within 30 days of applying offering a lower advertised price on the internet for the same equipment or software along with the same or lower merchant account fees, we’ll not only match the price, we’ll refund you 10% of the difference. You will never have to worry about getting the best deal.
Merchant Account Retail Tips
Although retail merchant accounts are the most straight forward types of merchant accounts, you still will want to educate yourself on how to set up the account. Follow the tips below and you’ll avoid some of the possible pitfalls of setting up a retail account. Give yourself enough time: While it’s true that most merchant accounts can be set up in a day or two, it does sometimes take longer. It’s a good idea to start thinking about setting up a merchant account at least a few weeks before you plan on using it. While you will probably be pleasantly surprised about how quickly you get set up, nothing could be more nerve wracking than waiting for the delivery of your credit card terminal on your businesses opening day. You will have plenty of other challenges in those last few days before you open your doors.
Your local bank may not be the answer
While most merchants like the idea of doing business with their local bank, many do not realize that the bank may have little experience setting up merchant accounts. Most smaller banks refer their business to a third party to do the processing and receive a commission for doing so. In fact, over 200 bank branches in the New England area alone refer their customers to Merchant Warehouse. Going directly to the processing company will usually save you time and money. Your can still have your funds deposited into your account at your local bank.
Understand all of your fees
When you first get a quote for merchant services some fees may seem a bit foreign to you. Don’t worry though, after you take a few minutes to go through the fees it will seem simpler than your phone bill. Take the time to go through your application and ask questions about fees you don’t understand. Taking the time to go through the fees may save you an unpleasant surprise when you get your first merchant statement.
Average ticket and monthly volume
Every processor will ask you to estimate what your average sale and monthly credit card volume will be. While most processors give a lot of leeway to retail businesses you still will want to give this some thought. If you guess too low, you may find yourself under the watchful eye of the loss prevention department when you go way above your expected monthly volume. If you guess too high you may subject yourself to some extra paperwork and background checks during the application process. Take the time to talk with your sales representative and figure this out. Most sales reps will have plenty of experience estimating volumes and average tickets and should be able to help.
Don’t sign a contract with a cancellation fee
As a retail business owner you will find that it is fairly easy to get a merchant account. Don’t settle for a processor that has a contract of any length and charges a cancellation fee. Very often merchants will find themselves dissatisfied with the level of service they are receiving and may want to change processors. Ask about your cancellation fee and get details on how you would cancel your account. Some processors may have contracts that automatically renew if you don’t give written notice more than a month before your contract expires. Also, beware of sales people that claim that "even though you have a fee in your contract, we never charge it."
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