Are you considering applying for a merchant account? If the answer is yes then this post is for you. I will explain the process and give you specific direction on how to secure the very best rates available.
When applying for a merchant account there is a specific order in which you should approach the process. Below are the 6 steps when applying for a merchant account:
- Review the different pricing option available and understand how your business is affected by each
- Review some questions to ask when shopping for a merchant account
- Shop at least 3 different providers
- What to expect with the merchant account application
- What will be required for merchant account support documents
- Generally, how long do it take to set up a merchant account
A detailed understanding of the different merchant account pricing structures will help you when speaking to merchant service providers. Some providers will pitch you a pricing model that is more advantageous for them and one that is not the best fit for your business. Additionally, it is important to know how your business transactions affect your costs with respect to frequency and size.
When shopping for a provider it is helpful to know what to ask. We have compiled a set of questions that will get you headed in the right direction.
Always shop at least 3 providers. This will allow you to get a feel for multiple providers and will strengthen your chances of finding a good fit for your business.
Once you decide on a provider the next step is the application. The typical application is quick and easy to fill out. Most providers will gather the requirements on the phone and are able to consult you on ambiguous questions. Important pieces to pay attention to are the merchant account soft limits. You will want to make sure you give your account enough room to grow as the business expamds.
Along with the application you will be required to provide support materials related to the applicant and business applying for the account. A short list of support materials can be found here.
The length of time it takes to get an account set up depends upon your type of business, industry, requested volume and financials. The process can take from 24 hours up to 2 weeks.
If you found this post to be helpful and would like to inquire into and account with Maxx Merchants please give us your contact information and a representative will be in touch shortly.