Applying for a Merchant Account: what to expect?
Before you can accept payments, you’ll need to have a merchant account. Why? When customer transactions are processed, they are credited to you in your merchant account, this article explains what to expect when applying for one.
It all starts with an application, which we’ll help complete for you.
To get a merchant account, you’ll need to apply. Payway will assist you in selecting the merchant account as well as the completion and submission of your application. The process may sound a bit daunting but it’s not so bad if you know a little about the review process and what documentation you’ll need to provide.
The information needed will depend on your business type (private, NFP, sole prop., partnership, etc.) as well as your industry type.
Most commonly asked for documents:
- Business license
- Bank account info
- Tax ID (EIN)
- Financial statements
- Articles of incorporation
- Contact information, beneficial owner information and/or authorized signer information.
In some cases, you might be asked for supporting documents, such as:
- Marketing materials
- Business plan
- Inventory reports
You can be up and running in as little as one business day
After completing your merchant account application, depending on how quickly you submit the required documents, your account can be set up in as little as one business day. This also depends on how quickly the underwriter is able to review your application.
Underwriters operate under normal banking hours, so keep that in mind in terms of when your application is submitted. Applications submitted later in the day will probably not be reviewed until the following business day.
Takeaways to keep in mind:
- Help with the merchant account application process is out there! Ask your payment processor if they provide this service.
- Get your documents together. The quicker and more thorough you are with your application, the quicker the review and set up.
- Work with a merchant account provider that you are comfortable with and can best service your business. Payway provides personalized support which starts with the submission of your merchant account application. We process all major credit cards, digital wallets and ACH transactions for card-not-present and ecommerce businesses. And, once you’re up and running, you can always count on us for ongoing support 24/7!