Merchant Account Application Documents

In order to receive a merchant account one has to undergo a serious examination process by the merchant account provider. It is a complicated and rigorous process with the help of which the bank is trying to secure transactions and to make sure that the business is legal and reliable. Merchant account processes credit and debit cards. It becomes inevitable part of a business. Any type of money transactions are conducted by the special systems of the bank and merchant bank takes responsibility for the success of the money transactions. After taking necessary interchange fee and processing cost the bank will deliver money to your account without any risk. That is why, it is necessary to give all the important documents so that the bank was sure in the business reliability and money opportunities.

List of the required documents:
1. Merchant account application. It is a document in which the owner of the business has to indicate personal and business data. Such information as business and personal address, phone and fax number, social security number, web site address, email, etc.
2. Personal guarantee. It is a very important document and each business unless it is non-profit should provide it.
3. Articles of incorporation. If your business is an incorporate entity you should provide the article of incorporation. In case you are a sole proprietorship you should give a DBA (Doing Business As) name. Note that individuals cannot get a merchant account.
4. Business license. Only if you have a business license bank can be sure in legality of your business. That is why, copy of the license is obligatory.
5. Business financial statement. It is not necessary if your business in new. However, in case your business has some history it is obligatory to provide two years business financial statement.
6. Personal financial statement. It is not obligatory but the bank can request personal financial statement in addition to the business financial statement.
7. Processing statement. It is compulsory for those who have credit cards.
8. Voided check. Necessary to open your merchant account. A copy of the voided check is necessary. In case you have no check, it is necessary to give the bank letter explaining your account details.

As you can see the process of acquiring merchant account is a rather demanding and challenging. There are many special requirements which should be met. What is more, it is important to remember about reputation. In case you have bad credit score or any other problems with the payments, your chances for the merchant account are minimal. That is why, try to make sure that there are no problems and that you are able to give all the necessary documents without any problems. Banks like responsible people who think in advance about documents.

So, if you are reading this, I suppose you implemented your dream about Small Business. Undoubtedly, each Small Business Owner today needs canada card processing as without them one cannot run a business, and it would be intelligent to think over using debit machines.

And bear in mind that we live in the world of high online technologies. It wouldn’t be smart not to use the Internet network to search for anything at the best prices available on the market. That’s why certainly every businessman today should reflect on having internet merchant account. Search engines, social networks, blogs and forums – all this will help you make a decision on many issues.

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