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Merchant Account Reviews



Credit Card Processing Checklist

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When opening up a merchant account, there are a few items you will need to get approved. Depending on a number of factors, but generally the more information about your business you can provide, the greater chance you will get approved.

Merchant Account Checklist:
  1. Merchant Application - all merchant service companies require a merchant application to be completely filled out. Leaving any required fields blank will only delay the approval process.

  2. Copy of Voided Check - you must supply a copy of your check for the bank account you will be using to receive your deposits. If you do not have any checks, you may have the bank write up a letter stating the same information a check would on their letter head. This includes your business name, account & routing number.

  3. Copy of Driver's License - due to the patriot act, we must verify your identity. Therefore, we must receive a legible copy of your driver's license.

  4. Product or Service Information - to accurately underwrite your account, please provide a list of the products and/or services you sell along with their pricing. A web site with this information will be sufficient. Otherwise, please include this information on a separate sheet of paper.

  5. Current Processing Statements - if you are currently processing with another provider, please include your last three months of processing statements to ensure easy approval. If you are requesting a large monthly volume or high average ticket, we may request up to 6 months of merchant account processing statements.

  6. Brochure / Store Pictures - If you are not an Internet store, we may request in some cases for a brochure or a picture of your store/inventory. We also receive fraud ourselves and if we are not 100% sure about an application, this information can help assure us that the merchant is legitimate.

  7. Business Financials - if you are requesting a large monthly volume or high average ticket, we may request your business' financials. Such documents would be a balance sheet and profit & loss statement. Bank statements are helpful, but are generally not considered adequate financials.

Credit Card Processing Articles
  1. Why Should you Accept Credit Cards?
  2. The Different Types of Merchant Accounts
  3. How to Avoid Credit Card Processing Downgrades
  4. Merchant Account Responsibilities
  5. The Different Types of Credit Card Machines
  6. What is a Merchant Account?
  7. Why Avoid Credit Card Terminal Leases?
  8. 3 Ways to Save Money on Credit Card Processing
  9. Credit Card Processing Checklist
  10. Pros & Cons of Credit Card Processing
  11. What to Expect in Your Monthly Statement
  12. The History of Credit Card Processing
  13. Recent History & Future of Credit Card Processing
  14. The Different Organizations of Merchant Services
  15. The Glory Details of Disputes, Retrievals & Chargebacks
  16. Understand All the Risk with Merchant Services
  17. Factors & Guidelines to Merchant Service Underwriting
  18. The Life Cycle of a Credit Card Transaction



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