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.