Merchant Accounts

Merchant Accounts

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New Merchant Account

Written by Patricia Tunstall
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Easy Application for New Merchant Account

A new merchant account is easy to apply for, especially if you go online. Prerequisites include being 18 years of age, having a legal business based in the United States, and having a legal checking account in this country. Some occupations and businesses are considered high-risk, and a separate application is necessary for these endeavors. A few of these are collection agencies, credit repair services, telemarketing, and investment opportunities.

A regular business merchant account, however, requires some details about your business and yourself. Aside from the usual questions about name and address, you will need to know what percentage of your credit card business is online and what percentage is card-present (swiped). Automatic approval has easy guidelines--exceptions include merchants undergoing a bankruptcy that has not yet been discharged, and applications that have fraudulent entries.

Easy Merchant Account Setup

A new merchant account can be up and running within one business day or within five-to-seven days, depending on which transmission methods you choose. As for how you get your funds, they are paid directly into your checking account in 24-48 hours. If you are the sole proprietor of your business, or you are in a partnership, all owners' names must be on your checks, but a business account is not required.

If your credit is less-than-perfect, you will still probably be eligible for a new merchant account, as electronic processing organizations deal with banks that provide services to all types of accounts. You do not need a dedicated phone line because electronic processing terminals have dual jacks to accommodate all necessary phones and peripherals. With 24-hour merchant support, any business owner can be assured of help and assistance when it is needed.


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