Merchant Account Setup

Written by Samuel Wong
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Many people think the task of merchant account setup must be either cost-prohibitive or too complicated for the layperson to understand. To the contrary, merchant account setup is no different than applying for a credit card, or a bank account with your local credit union. it is neither difficult to understand nor to do.

Generally, a credit card processor's merchant account setup procedure requires that an individual or a company provide basic business and banking information. Based on the type of business and volume of transactions, there are several merchant accounts that will be offered to a merchant. If a business qualifies as a high risk industry, they will be offered one type of merchant account. If the business primarily runs credit cards on a monthly or weekly subscription basis, an account with lower maintenance fees may be offered.

Merchant Account Setup Is Simple

The next step in merchant account setup is to gather the company's banking information. This includes the bank's name, account numbers and routing numbers, as well as all relevant information for wiring payment to and from the account. With this information, your merchant account service provider will be able to deposit your collected funds into your bank account for withdrawal and other standard banking transactions.

Once these two qualifications have been met, you will have completed your merchant account setup. The next steps are to identify and purchase the hardware needed to utilize your account. These items include credit card processing terminals, printers, and any other POS systems recommended by your merchant account services provider at the time of setup.

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