4 Must Haves For Opening A Merchant Service Account - Global-Processing-Sysyems/Merchant-Account-Service-Provider GitHub Wiki
Whether it is small businesses or large retailers, everyone has set up merchant services accounts to retain customers and enable faster transactions. Carrying cash is not to mention, risky. The invention of the credit card has liberated millions of users from the hassle of stocking up on paper currency. And while e-commerce has fueled payment gateways, a credit card remains popular and is accepted in probably every corner of the globe. Global Processing Systems is one of the largest merchant processors in the United States.
How to get a merchant account for your business
To define a merchant account, it is a special bank account opened for holding funds captured from debit and credit card sales. Credit card companies make money by charging the retailer for using their payment method, whereas the issuing banks charge the customer for using the credit cards. Opening a merchant account requires filling up a form and submitting it to the service provider. However, here are a few checks that you need to do:
1. Look for the best pricing option by the merchant account service provider
When you are looking to open a merchant account, make sure that you are aware of all the charges that the merchant service provider is charging. Fees range from monthly to per-transaction, interchange rate, discount rate, retrieval fee, etc. Depending on the type of transactions that you anticipate in your business (a few large amount transactions or numerous small-amount transactions), you need to select the merchant account service provider that charges a low monthly fee and a certain percentage of your transaction. Experts from credit card processors can also recommend the best pricing option for you. Also, read the terms and conditions carefully before signing on the dotted line.
2. Get a credit check
Before authorizing a merchant account, most merchant service banks require an in-depth credit check of your and your company’s business history. Since payment processors like Visa, Mastercard and their partnering banks take on a certain level of risk by granting you a merchant account, your business’s financial well-being is crucial to them. Get an underwriter to make a thorough report of your business account and credit history.
3. Put your papers in order
Applying for a merchant account requires some paperwork. The banks may want to verify your business license, agreements, any other loans that you had taken , etc. So, keep your Employer Identification number, social security number, business agreement and all other documents inspection-ready. Keep bank statements of the recent several months handy. Remember, the larger the amount you intend to transact, the more documentation you will need to provide. Keeping as many required documents handy saves you the time and hassle of scrambling for them at the time of opening the account.
4. Be PCI-Compliant
Data security needs to be your top priority to protect your business from fraudsters and hackers. Merchant service accounts can see huge amounts being transacted. Avoid the risk of data theft by installing hardware and software that is PCI DSS (Payment Card Industry Data Security Standard) – compliant. Get anti-virus and anti-phishing software installed. Set a strong password for your Merchant account. You could attract a high penalty for data leak and any financial loss-situation faced by the merchant service provider on account of lax security.
Global Processing Systems is your one-stop shop for all your merchant service solutions. With our state-of-the-art technology and competent pricing system, we offer the best in merchant services for your business.