What are the requirements for Online Merchant Account?

Requirements for Online Merchant Account
For merchants that try to make new merchant accounts, it is imperative to have a comprehension of the necessities for online merchant accounts. Thinking about the prerequisites for credit card processing on the online can ensure that a merchant does not mistakenly engage in fraud and makes every single vital report to a managing bank. Here are a some of the necessities that a merchant should consider for an online merchant account.

Typical Merchant Application Requirements The basic important Description and Documents are required in the Merchant Application for credit card processing.

Annual Volume – Merchant should describe the Average Monthly volume on the application.

Average Ticket – Merchant should describe the ticket size of the products and services they will provide.

Approved / Secure website – Website(s) should be SSL certified, Terms and Condition, Privacy policy & return policy should be clearly mentioned on the website(s).

Marketing Strategies – How the Products and Services are been Advertise, Should be clearly stated.

Business Owner’s D/L – Clear Scan copy of D/L is required.

Void Check / Bank Letter – Merchant should provide the clear scan copy of the Void check or bank letter of the business bank account.

Months Of Bank Statements – Low-Risk Business require – 3 months of bank statements

High-Risk business – at least 6 months bank statements.

The category may vary according to the credit rating and other information which may need are:

● EIN Letter ● Bank References ● Articles of incorporation ● Tax Returns ● Utility bill ● Personal statements ● Chargeback Reduction plan ● Phone bill ● Audited Financials ● Non –Profit Proof

Once the Documents are fulfilled, Merchant Stronghold set up the Merchant with the best solution for industries.