Merchant Accounts

Merchant Accounts


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Merchant Account Set Up

Written by Patricia Tunstall
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Merchant Account Set Up Within Hours

A merchant account set up can accommodate a very small, owner/manager business, a start-up business from home, or a large retail operation. Merchant account providers offer electronic payment processing equipment that can be customized to handle differing recurring billing amounts, and make many other adaptations. Furthermore, equipment can be in the hands of merchants, and training completed, within hours.

Because the equipment is designed to be user-friendly, instructions for operation are simple and easy-to-follow. A merchant account set up can be ready for check processing and instant credit card processing in short order. If the merchant chooses an expedited procedure, the equipment can be up-and-running within one business day.

Approval Guidelines

General criteria for approval include: you must be 18 years old, have a legal business in the United States, have a legal checking account in the United States, and have a physical business address (home address is fine). There are two tiers of approval for merchant accounts, auto approval and regular merchant account with supporting documents. Auto approval is reserved for retail, service, and restaurant operations that have certain limits on credit card transactions. Regular accounts are for mail order, Internet, or trade show businesses that also have limits on card purchases.

Supporting documents for the regular account include an owner with a history of good credit, among other requirements. A restricted list of business types that are not eligible for a merchant account set up includes airports, attorneys, time shares, and racing of any kind. These and other restricted businesses may be eligible for a high risk account, however. Check for inclusions and exclusions and limitations for all kinds of enterprises.

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