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Do you need help setting up a Merchant account for your business ??

Discussion in 'Business & Tax Advice' started by thebizwiz, Aug 29, 2014.

  1. thebizwiz

    thebizwiz BANNED BANNED

    Aug 27, 2014
    Likes Received:

    It would be really helpful if you incorporate first. Depending on where you live it may cost anywhere between $200-$1000 to incorporate. You can use legalzoom and do it yourself for pretty cheap (again depending on where you live or rather on where you want to incorporate). YOu will need to look up the requirements of the local area for incorporation requirements.

    Once that is done you will need to set up bank accounts and get banking proof. Either a bank letter stating your account number or a company check with routing/banking number and company information on the check. Most banks/Merchant providers will not accept temporary checks as validation because they do not have the company info printed on the front.

    Once that is done, more than likely you will need a website unless you have a store front (then you may need more things like brochures etc). Assuming it is an online business you will need proof of domain and a receipt will not work most of time. you can give them access or a screen shot of the dash board for your website. Most banks/ Merchant providers will look at your website before giving you an application and may have changes they will need to see before evening giving you an app.

    Once you have that done they will give you an application that will require everything from personal information, social, corporate docs (step one)/ Banking info (step 2)/and website (step 3) or if you have a store front and depending on what kind of store front they may want to see more (things like menus if you are restaurant/ product list and prices etc )

    More than likely they will have contingencies- Bank statements, prior processing history if you had it, perhaps a certain amount of money in the bank etc.

    depending on who you go with, it can take 2 weeks upwards of 2 months before actually being able to accept your first credit card charge.

    Need more details then feel free to PM and I will be happy to provide more information (once I am able to PM back lol)