If you want to compete well as a business, you need to be as efficient as possible, especially when it comes to processing payments in your store and website. This is where having a merchant account comes in because it allows you to process credit and debit card payments physically or online, so your customers have more options than just paying cash.
With a majority of customers now choosing cashless payment options, having a merchant account will surely help you increase sales, boost customer satisfaction and keep up with the competition.
Here are some important steps to getting a merchant account for your business:
Open a business bank account.
Your business finances should be separate from your personal finances. This is why it’s very important to open a business bank account that your payment processor will use to withdraw fees and deposit your sales.
To make this possible, you need to prepare all the documents needed to open a business bank account including your Employer Identification Number (EIN) and business license. Merchant processors actually prefer that you open an account with a local bank since you can easily get in touch with them in case you have problems with your account later on.
Think about your business needs.
Merchant providers offer different options for merchant accounts based on your needs. So, before you start looking for prospects, make sure that you evaluate your needs first to know exactly what type of service will suit you best.
For instance, you need to determine if you’re just going to process payments on your brick-and-mortar store or if you need to do it on your website too. It’s very important to create a concrete plan for payment processing, so it’s easier to choose the right merchant account for you.
Find the right provider.
Choosing the right merchant provider is a crucial factor in your success, so make sure to compare options based on your needs. You also need to cross out some non-negotiables including free in-house support in case you have issues with the system, PCI compliance to ensure that your provider offers strong security to protect you and your customers, and reliability where you can get your money as fast as the next business day.
Complete your application.
Application processes can vary depending on your chosen merchant provider. But if you want to speed up the process of your application—and approval—it’s best that you prepare all the documents that you think you’ll need when applying for an account.
This includes your bank account and routing numbers, business license, EIN, contact information, and Tax ID. You will be asked to submit documents to support the legitimacy of your business and prove that you’re capable of processing payments for customers.
More than anything, it’s very important to maintain a good relationship with your merchant account provider, so you can keep your payment processing service smooth and ensure that you will grow together in the future.
