How To Get A Merchant Account

Banks consider Merchant accounts to be a 'loan' and underwrite the issuance of a merchant account much like a loan, requiring an application, supporting documentation like tax returns, acceptable products/services and good credit. Non-bank institutions tend to be more liberal in issuing merchant accounts; some of them requires only name, address, and a form of ID.

How To Get A Merchant Account

1. Contact the bank where you have your checking account for details on opening a merchant account. (If you do not already have a checking account for your business, you should establish one.)
   
2. Comparison shop for other companies that perform credit card transactions. Be careful though, there's a lot of fraud out there these days!
   
3. Read all pricing details to assess all the charges that will apply to transactions. (Usually, you will want to go with the company that provides the lowest per-transaction fee, even if you have to pay a small set-up charge.)
   
4. After deciding which company you will use, fill out all account set-up paperwork and pay any required fees. Many companies will run a credit-check on you before opening your merchant account.
   
5. Learn how to process card charges according to the instructions you will receive upon account activation.

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