How to Get Merchant Account Approval

You cannot ever prosper in business without a merchant account. If the only payment method for your business is cash then you may be missing out the mass that prefer to buy things through their credit cards. A merchant account enables your customer to buy your products via credit or debit cards and online payment gateways. These days many banks offer their customers attractive deals on every purchase with cards or online payment. So, on a customer’s perspective it is always lucrative as he can collect points on every purchase and can redeem them to avail discounts or gifts. Capture all this potentials for the growth of your business by setting up a merchant account. Any reputed audit firm in kolkata can help you get started with the process. It is very easy to get an approval for merchant account by following the step by step guide mentioned below.

The stuffs you require

o   A PC or Mac or any device that has internet access

o   Money! Yes you need money to pay the subscription fees for opening a merchant account

o   An unique ID number for payment processing (EIN)

Follow the steps

ü  First you have to open a business transaction a/c thru your bank. If you already have it then you skip this step.

ü  Get an EIN (Employer ID Number) or any type of income tax id applicable for your state.

ü  You should have a valid business address online or offline. If you have an online business then the domain name of your website must be registered in your name.

ü  Now it is time to open a merchant a/c. You can do it by the service provider’s website or by physically going there and submitting relevant application form. It is better if you open a merchant a/c thru any online service provider because the processing time is quick and you get lot of features at cheap rates.

ü  You must have all your personal and business documentation ready, because you will need them while opening the merchant account. You can get a full list of prerequisites from a ca firm in kolkata.

ü  Provide the merchant account service provider all the information required including your business account number.

ü  Pay the necessary fees for account opening charges and relevant processing fees. Many banks provide merchant account service in different schemes. Select the scheme best suited for your business.

ü  After the account opening the bank will provide you the terminal system in your business location and provide you training on how to use it properly.

ü  As per the scheme you select, the bank will provide you all the necessary service kits as applicable such as; Software, E-commerce kit, or mobile payment support.

Note

Follow these easy steps, and you are on your way to a successful business career.

Key Differences between Statutory Audit and Internal Audit Services

A statutory audit is performed as per the provisions specified by company act. On the other hand, an internal audit is carried out by a designated company staff. It is his sole duty to identify flaws in the accounting system, book keeping procedures, and suggest improvement if there is any. From the above definitions, you will realize that both audits are quite similar in terms of checking books, identifying flaws and frauds. However, there are some specific differences between these two audits. Let us take a close look at some of the key differences.

Appointing Authority

Based on the appointing authority these two audits are separate in nature. A statutory auditor is chosen in Annual General Meeting. Also, company stakeholders can appoint a statutory auditor in a pre-scheduled meeting agreed by most of the board members. On the other hand, management of a company has the sole discretion of appointing an internal auditor.      

Eligibility Criteria

A statutory auditor must be eligible to perform his duties as per the company act specification. But internal audit services offered by internal auditors are not bound to any stringent eligibility criteria. He can be appointed as per general provisions mentioned by law for appointing company auditors.   

Nature of Work

A statutory auditor is designated to check company accounts and supporting documents related to those accounts. However, an internal auditor’s job is not limited to checking books and evidences. He can audit other activities of a company in order to identify flaws and suggest necessary improvements. 

Preparation of Audit Report 

In a statutory audit, the auditor must prepare relevant reports after the completion of audit. The report must be prepared based on the information found during his audit. He should then submit the report to the respective appointing authority. Now, in case of internal audit, the auditor is required to give his expert suggestion on improving the internal flaws though it is not obligatory for him to present a report to the management. 

Legal Value

Statutory audit is performed for specific legal requirements of a company whereas internal audit services are purposed only for company management. Reports or suggestions as presented by an internal auditor have no legal values. 

Routine of Conducting Audit

A statutory audit has no specific routine of conduction. It can be called upon when relevant situation comes in. However, an internal audit is regular in nature. A company can set specific schedules for internal audit. 

Dismissal of Auditor

A statutory auditor can only be dismissed in the company’s annual general meeting whereas an internal auditor can be discharged off his duties by the management. 

Dependency Factor

A statutory auditor is independent as he is appointed by company stakeholders. He can carry out his duties as per his own excellence and provisions. But an internal auditor is appointed by company management so he is a subordinate staff. Therefore, he is questionable to the management.

Compensation Criteria

As a statutory auditor is selected by stakeholders, his compensation is set after a mutual agreement by the stakeholders. On the other hand, management decides the compensation for an internal auditor.

Now, you will be able to easily differentiate these two types of audits as you know the key differences.