If you operate a business, whether small or big, you want your clients to pay promptly and with ease. You also want to ensure that your clients can make payments either in cash or in whatever payment mode they want. This is the point at wish a merchant account becomes necessary for your business. A merchant account enables you to receive payment via credit cards or debit cards. It is a very important addition to any business that values modern and prompt transactions. Now, what are the steps that one needs to follow to apply and get their merchant account approved?
Well, in this article, we shall discuss how to apply for a merchant account and have it approved without delay.
Here are 4 tips for applying for a merchant account:
Do your homework properly
Research is very important when you want to apply for a merchant account to use in your particular kind of business. Learn about several merchant account providers before you can decide to apply so that you know the rates they charge, their efficiency and such information. What kind of POS system do you require for you to be approved for the account? Do they also allow integration with mobile payments? Are you a high volume or a low volume merchant? How will the merchant account providers charge you? Consider the most cost-effective provider so that you can benefit from the merchant account transactions.
Get your financial records in order
As you conduct research on the merchant account providers, organize your records and ensure that they are in order and ready for scrutiny in case they are needed by the merchant account processors. Ensure that your taxes are in order and that you have no outstanding debts. Depending on the merchant account providers, you may be required to provide documents such as your resume, your business documentation, your articles of association as a company, copy or your utility bills, your bank statements and so on. Your company transactions over the last 3 months will also be required.
Speak with an agent
It is important to speak to an agent who has experience in the payment processing environment. This is a better middleman who can listen to your needs and share with you their experience in the industry. This kind of an agent has lots of information about the many payment processors in the industry. The agent can guide you on the whole issue of merchant accounts and merchant processors and therefore help you get a better view of these payment providers and the strengths and weaknesses of each company. This way, you will be in a better position to choose a provider.
Understand the fine print of the agreement
Once you have been approved for a merchant account, make sure you have read and reviewed the agreement. Double check to make sure that the provider does not charge you any hidden fees or extra costs that were not part of the agreement. You can engage a lawyer to help you understand the agreement so that you have no problems later on.