Setting up a Merchant Processing Account is an important step when opening up a new business. By creating your Merchant Account you will be able to begin accepting credit cards as a form of payment by your customers. This greatly increases your versatility as a business and allows almost every customer to have a form of payment you accept. But what is required in creating a merchant account? Well there are a few thing that you will need.
Purely from a documentation point of view, you need to provide all of the basic information about yourself and your business. Such as your First and Last name, address, phone number, business address, business phone number. You then also need to provide a social security number and a federal tax id number for the business. These are required by all merchant account providers and must be provided in order to create your account. Some other information that is needed is the expected average ticket amount for your transactions and an estimated yearly sales revenue. These numbers will help place you in the merchant account plan that will be most efficient to your need. The reason these things are required is because the major credit card companies must make sure you are not a credit risk. It takes a certain level of trust for the major credit card companies to allow a merchant to accept credit cards, therefore a social security number and federal tax ID are necessary. And the very last thing needed to create your merchant account is a voided check. This voided check should be for the bank account you want your credit card proceeds to be deposited into. If a voided check is not available at the time, you can also request a bank letter (must be printed on bank letter head) stating that you are the owner of the bank account number you would like to use.
For a full list of all of the information that is required to get your merchant processing account up and running visit www.ProcessMyAccount.com.
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