Go Online for Merchant Account Application
A merchant account application can be found online, and this is the fastest way to initiate the procedure for obtaining a new merchant account. The application process is as streamlined as the check and credit card payment processing that constitute the electronic system. Any business is eligible, with some obvious exclusions, such as businesses going through a bankruptcy that has not been discharged, and high-risk businesses (although these may be eligible for high-risk accounts).
Aside from basic questions about your name and address, an online merchant account application asks questions about you and your business: type of product or service; percentage of Internet/mail order/phone/in person orders; type of processing equipment needed; your credit rating. Other questions refer to your preference for leasing or buying equipment, your website address, and your FAX number.
Requirements for the Applicant
There are several prerequisites for applicants, but they are simple. You must be a citizen of this country, 18 years old, and have a federal ID or Social Security number. You must have a legal United States-based business and a legal checking account.
Your business must have a physical street address, but it is perfectly acceptable to use your home address if you have a home business. A past bankruptcy is usually not a problem because electronic processing providers work with various banks to get approval for all types of applicants. Finally, although international and high-risk businesses do not qualify for this specific kind of account, providers do have similar programs, so inquire about a merchant account application for these categories.
