How To Get Approved For A Merchant Account
So you’re new to the online business? You’ve just wandered into the online space and want to begin trading online. So you pull out a checklist and start crossing off your items:
- Business Registration
- Domain Registration
- Web Design
- Shopping Cart
- Accept Payments Online – how?
You’re now ready to start integrating your website into a Payment Gateway such as Merchant Warrior. In order to begin trading online you will require a merchant account. Merchant Warrior will discuss the specific requirements for your business with its Banking Partners to ensure that you receive competitive rates with your very first merchant account.
Many new businesses have their application for a merchant account rejected for a number of different reasons. To ensure that this doesn’t happen to you here’s a list of items that you should complete before applying for a merchant account.
New Merchant Account Checklist
- Your Website is active and accessible
- You are the registrant of the domain name
- Your website displays your business name, ABN (or other Business Registration Number depending on your country), Contact name, location address, landline telephone number and email address?
- Your website includes the products or services that you are offering and clearly provides the pricing?
- Your website clearly defines your refund and exchange policy and how transactions can be cancelled?
- Your website clearly explains how goods will be delivered and time frames?
- Your website clearly explains the measures you have in place to secure card holder information? (Ask Merchant Warrior about products that will help you achieve PCI Compliance)
- Your payment page is ready for assessment?
These nine simple steps are often what Banks will look for when performing their due diligence on your online business. Following these steps may not guarantee you a successful merchant account application, but it will definitely increase your chances and fast track the application process.
If you need help establishing a merchant account feel free to contact us.