Small Business Startup – Setting Up a Merchant Account
Starting a small business can be equally vexing and liberating. Any given enterprise can present the ambitious entrepreneur with a wide array of perplexing variables. Paramount to the success of any consumer based business, particularly one in a metropolitan environment such as Denver, is the ability to accept the widest possible selection of payments.
- Denver credit card processing can be handled by an assortment of merchant banks, easily found and readily available. What follows is a concise list instructing the determined business owner on how to obtain such an account.
- Complete a merchant account application. This is a standard form in which basic information relating to both the business as well as personal information about the owner is collected. Details such as social security number, address, contact info, and bank account information are all required inclusions.
- Agree to a personal guarantee, accepting liability for all debts should the business fail.
- Provide necessary documents of business identification. These include Articles of Incorporation, or, if the business in question is a sole proprietorship, a list of all Doing Business As (DBA) names. In addition if the business requires a license to operate this must be presented as well.
- Three months of financial statements pertaining to the business are typically required. In the event that the business has already been accepting credit cards and is simply looking for new service, recent processing statements will also be necessary.
- Provide a voided check from the bank account associated with the business, opened with the listed DBA name.
- Submit to a credit check.
- A local inspection is required to determine if the physical facilities of the business are sufficient to conduct the owner's intended service.
- The owner must clear a check of the Terminated Merchant File.
- Lastly, a satisfactory examination must be made of the owner's previous merchant agreements if applicable.
The process of starting a Denver credit card processing account is quick and easy once your business is organized and ready to go. Please give us a call at (800)917-8026 if you would like to get started with a credit card processing account.