What are the requirements for applying for a merchant account?
Posted on August 28th, 2009 by admin
I’m gonna attend a seminar banking trends, and merchant accounts are included in the topics. just wanna get an idea beforehand. thanks!
Well, first of all, your business must have a registered Doing Business As (DBA) , your driver’s license, your business license, a clean voided check, at least your 3 last recent monthly processing and bank statements, your tax returns for the last two years (optional), your business phone number or your phone number, if you already have a website, you need to print a black and white copy of the website.
August 29th, 2009 at 12:36 am
you have to be a merchant. meaning a business owner.
References :
August 29th, 2009 at 12:48 am
Looks like spam……………..
Smells like Spam……………….
Must be a spam question to fool people in going with your spamming company.
Spamming is not allowed on Yahoo Answers!
References :
Spamming is not allowed on Yahoo Answers!
August 29th, 2009 at 1:00 am
(The following applies to a US based merchant account only)
1) You must have a registered business
You can’t open a merchant account for personal use. It must be for a business and you must verify that business with your merchant account provider.
2) You must be located in the US
Your business address must be in the US. Your company may be overseas but you must have an official US presence and address.
3) You must have a US based checking account.
The bank your account is with must be a US bank
4) You must provide some kind of guarantee to the bank that will protect them from losses.
This usually requires a personal guarantee from the company’s owner, and thus they must be a US citizen so a credit check can be done on them. Other options include providing a letter of credit, leaving a reserve, or signing a corporate resolution and providing financial statements to show the financial strength of the company.
References :
http://www.merchant-account-services.org/blog/opening-a-merchant-account-without-a-personal-guarantor
August 29th, 2009 at 1:24 am
Well, first of all, your business must have a registered Doing Business As (DBA) , your driver’s license, your business license, a clean voided check, at least your 3 last recent monthly processing and bank statements, your tax returns for the last two years (optional), your business phone number or your phone number, if you already have a website, you need to print a black and white copy of the website.
References :
http://www.offshoremerchantexperts.com