Open Merchant Bank Account Online

Open merchant account online
A merchant accounts is an agreement between a merchant and an acquiring bank. This agreement allows the former to process and accept credit card payments. By signing this agreement, a merchant agrees to abide by the operating regulations established by Visa, MasterCard, or any other brand.

Acquiring a merchant account is a way for a merchant to grow his business by reaching out to a greater number of customers willing to pay for his goods and services with a credit card, not cash.
Now the only question left is how to open this account and where.

How to create a merchant account

First and foremost, there are many things one has to take into account before making a final decision about a merchant account provider. And while the best rates and the most attractive conditions totally depend on the type of your business, its size, turnover, processing history, and many more other details, we would like to point out the most critical things you simply cannot afford missing.

1. Choose credit card brands to work with.
This is the starting point of your journey. Begin with analyzing what credit card brands are important to you. This answer depends on the demographics of your target audience.

You might only need Visa and MasterCard. But if your clients come from countries with their own unique credit card brands, then make sure that the bank you want to open an account with offers you such an opportunity.

To give you an idea of how that works, here is what the trusted sources report about the popularity of different credit card brands in different parts of the world.

2. Figure out the payment model.
As a merchant, you might offer your clients various payment models, be it recurring billing or one-time payments. See whether the bank supports both of these payment models for your type of business. And if so, find out what rates the bank offers and choose the one with the most acceptable rates for you.

3. Analyze your turnover.
The rates banks establish depend on the turnover of the business. So, be ready to provide the financial institution with all the essential documents that display your financial state and card turnover within the last year or so.

4. Start looking for a (local) bank.
We often recommend our clients to open a merchant account with a local bank meaning the bank that is under the same jurisdiction the merchant’s business is registered. The thing is that they offer the best rates and traffic performance. Therefore, before you study your international options, look for a local bank to collaborate with.

Besides, you should always aim for getting a merchant account at a bank you have your real account opened at. In this case, the fact that a merchant stores a certain amount of money on his account significantly increases bank’s trust and ensures better conditions.

However, for those owning an international business, finding a local bank in each and every country they work with is not an option. It will simply take ages given the duration of the opening, setting up and integration processes.

That is why they can use the assistance of Payment Service Providers which often got it all covered.

And while still on the subject, startups, high-risk merchants, set up merchant accounts and businesses that have been in the business for less than two years (or those with no processing history) should also use the services of an experienced Payment Service Provider. This increases a merchant’s chances of getting a merchant account and eliminates dozens of business risks associated with payment processing. And it saves merchant’s nerves and efforts.

5. Prepare your website.

To get a merchant account, you need to prepare your website (as long as you run an online business). Comb through it to ensure that it complies with all the Visa and MasterCard requirements.

If you use the services of a Payment Service Provider, they can help you at this stage. If not, then it is your responsibility to ensure that the checkout is secure and product and delivery options descriptions are clear.

Another important thing to take into account is the domain information of your website. To get a merchant account, one must have a website with a unique domain and website’s own hosting.

6. Gather all the documents.
The next step would be gathering all the documents and submitting them to the bank. The documents include a detailed list of all the business activities you are going to conduct, a voided check for the checking account, and tax returns. The list might vary from bank to bank with new documents added to the list. More about all the required documents here.

7. Submit an application form.
Finally, fill out an application form for the account in question. Once you submit the form along with all the previously gathered documents, the bank will look into your application form and make a final decision.

Finally, the merchant will need to pay a setup fee for the account. This is not the only fee the merchant account provider will charge. Among others are the monthly and decline fee, as well as chargeback and refund fees. Be sure to read a section in the contract where they are mentioned carefully not to be caught by surprise later.

As soon as the bank sets up your account, you can start processing and accepting credit card payments.

How a credit card merchant account works
1)A customer decides to make a purchase on your site and enters his payment credentials.
2)A payment system integrated into your site transfers the payment request to the merchant’s acquiring bank.
3)The acquiring bank sends the payment request to the client’s issuing bank.
4)The issuing bank processes and validates the request and immediately sends the answer back.
5)In case the issuing bank gives green light to the transaction, both the merchant and the customer receive a notification about a successful transaction, and money will be transferred to a credit card merchant account.
6)If the issuing bank doesn’t approve the transaction, the parties will receive a notification about a failed request.

Merchant account providers | Offshore Gateways

(PayPal UK)
By far the best-known on-line payment processing company, PayPal remains a preferred and simple set-up alternative for United Kingdom businesses simply starting out on-line

(Shopify)
Although it is primarily an eCommerce platform, Shopify now permits you to sell both on and offline.

Worldpay
Worldpay may be an international leader in payments processing technology and is the UK’s leading dedicated merchant service provider.

Stripe
Stripe is a well-liked on-line payment solution providing a whole commerce toolkit, engineered for developers. they provide advanced functionality for a variety of internet businesses including eCommerce, mobile commerce, SaaS, and subscription payments.

Zettle
Zettle offers a comparatively low-cost solution for businesses trying to simply accept face-to-face card payments only.

Square
The square Reader is the world’s most well-liked mobile card reader.

Sage Pay
Sage Pay offers full merchant account services and are the payment division of Newcastle primarily based on Sage.

Streamline
Streamline is a division of WorldPay however remains a preferred solution in its claim.

First Data
First Data provides full merchant accounts and they hunt for each chance to assist customers to get a lot of value from each transaction. they provide solutions both for merchants and financial institutions.

Paymentsense
Payment sense claims to be Europe’s leading merchant service provider.

Payzone
Payzone has been providing payment solutions for over twenty-five years in the United Kingdom.

Elavon
Elavon has been a frontrunner in processing payments for over twenty years, leverage the world’s best technologies for our customers, from giant worldwide enterprises to locally-owned tiny businesses.

Global Payments
Global Payments focuses on card payment processing for customers going in size from owner-managed businesses to multinationals in all sectors.

How to get a merchant account | Offshore Gateways

1. Get a business license
To open a merchant account, you’ll have to prove your business is legitimate. The very first step is to get a valid business license.

2. Open a business bank account
Once you have a business license, you’ll need a business bank account. This bank account is where your merchant account provider will deposit your credit card sales and withdraw any fees. Most businesses prefer to open a business bank account with a local bank, as local banks tend to provide a level of convenience and customer service that can’t be matched by online accounts. To get started with a business bank account, you’ll need to provide your EIN (employer identification number) and your business license.

3. Evaluate your needs
Before you can open a merchant account, think about your business needs. For example, you’ll need to decide which credit cards you want to process. Will you accept American Express, or just Mastercard and Visa? What about ACH or eChecks?

Next, you’ll need to consider how you want to accept credit card payments. Do you simply need an in-person solution for processing payments in your brick-and-mortar store? Or do you need a solution that supports mobile payments and online payments? How will your customers pay you—will you provide a customer payment portal where customers can pay off invoices?

Map out exactly what your business will need, including both the short-term and the long-term. If you’re planning on expanding in the next few years and anticipate additional payment needs in the future, be sure to include them in your planning.

4. Compare providers
Now that you have an idea of what your business needs, you can take that information and start assessing merchant account providers for the best fit.

The video below will explain what to look for when finding a merchant services provider.

PCI compliance and strong security
Merchants have a responsibility to protect their customers’ credit card information, and that responsibility can sometimes feel like a burden. But you can release some of that stress by choosing a PCI compliant merchant account provider that offers strong security features. Knowing your merchant account provider is actively protecting your customers’ vulnerable data will lift off some of the pressure and give you peace of mind.

Free in-house support
If something goes wrong with your credit card processing, it’s no joke—that’s your profit at stake. Look to open a merchant account with a provider that supports you with 24/7, in-house customer service free of charge.

Next-day funding
Some merchant account providers offer next-day funding options, so you get money in your account faster.

Transparent pricing models
Credit card processing fees are confusing, especially for merchants new to the scene. If your merchant account provider is unclear or anything less than completely transparent, it might be a sign to reconsider. Research credit card pricing models to see which model is right for your business, then choose a provider that offers your preferred method. Two of the most popular and cost-effective pricing models are flat rate and interchange plus.

Scalability
Keep the future in mind when opening a merchant bank account. Your business may be small or based in brick and mortar now, but if you have plans to expand or venture online, you’ll need a merchant account provider that can scale with your growing processing volume and changing needs.

No contracts
Ensure your merchant account provider doesn’t require a contract or choose one that offers month-to-month contracts. The last thing you want is to get locked into a long contract with a provider that turns out to be a bad fit.

No unnecessary fees
Finally, research any fees that will be included in your merchant account service. Some fees are unnecessary and only hurt the merchant. Ask for a detailed list of all included fees, and look out for customer service fees, batch fees, annual fees, and monthly minimum fees.

A single provider for credit card processing
Some merchants choose a merchant account provider that’s separate from their credit card processor. However, splitting these services between two different providers is a missed opportunity. It’s more efficient, convenient, and cost-effective for merchants to choose a merchant account provider that also offers credit card processing.

If your credit card processor also opens your merchant account, you’ll experience several benefits:

.You won’t have to open two separate accounts for credit card processing and ACH processing
.Reduces the number of people you have to deal with and gives you a single point of contact for all your credit card processing
.Underwriting typically happens in-house (and you only have to do it once)
.Access to additional services like chargeback management, payment gateway, integrated payment applications, and eCommerce integrations

5. Complete an application to open your merchant account
Once you’ve compared merchant account providers and made a choice, you’ll need to fill out an application. This application will require detailed information about your business, so be prepared with all necessary documentation. You’ll most likely need to provide:

1.Business start date
2.Contact information
3.Authorized signer information (the person who is authorized to withdraw or spend money from the account)
4.Bank account and routing numbers
5.Tax ID
6.Estimated processing volume in dollars

Depending on the amount of volume you expect to process, you’ll need to provide more or less information. For example, a small business that expects to process several thousand dollars a month may only need to provide a voided check and proof that they’re currently conducting legitimate business. In contrast, a larger business may need to provide bank statements going back several years.

6. Submit to underwriting
Taking on a merchant account is a risk for both the account provider and the acquiring bank. The provider will therefore underwrite and assess your business before accepting you. They’re looking for red flags like high-risk businesses or industries, warning signs of fraud, or businesses that haven’t been operating for very long. If your business is established and has proven good standing for at least a few months to a year, you should make it through the underwriting process without any problems. However, new businesses may struggle to make it past the underwriting stage, as account providers and banks are less likely to accept the risk of a new business.

7. Get your merchant account approved and start processing
Depending on the provider, opening a merchant account can take anywhere from one business day to about a week. Once your business is approved, you can start accepting credit card payments from your customers right away.

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