February | 2010 | Life @ Merchant Warrior

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 your privacy policy and information on how you will protect your customer’s card information? (Ask Merchant Warrior about products that will help you achieve PCI Compliance)
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.

Why?

I believe it’s a common misconception that when a merchant signs up for a Payment Gateway that they will require all of the services that a gateway offers. A prime example is as follows:

Merchant Warrior provides the following services to its clients:

Batch Payments

Direct API Integration

Hosted Payments

Recurring Payments

MOTO Payments

How many merchants will actually take advantage of all these services? If you’re one of these merchants we’d love to hear from you! The reality of the matter is that a client that chooses to integrate directly through an API will most definitely not be requiring a Hosted Payment Page let alone any of the other services offered.

It’s for this reason that we made the decision to offer specialised pricing for each of our services. If Banks are able to offer this type of pricing why shouldn’t a Payment Gateway?

With our ability to offer customised solutions bundled with specific product pricing, we believe that our new pricing model will help benefit merchants in a time where minimising expense is essential.

To review our new pricing structure please visit our Pricing Page.

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Life @ Merchant Warrior

Australia's Choice for Online Payment Solutions

Month: February 2010

Merchant Accounts

How To Get Approved For A Merchant Account

Restructured Pricing Model

Why?