Opening a merchant account for your business can be a great choice, but you will want to be informed before you do it. That way you avoid mistakes and you don’t end up with a lot of unexpected fees, problems, and charges. Here are 10 things you really need to know, so you’ll be ready to get started.
1. You need to have underwriting so you can reduce your level of risk, in case a mistake is made by your company or its employees.
2. A business bank account is usually going to be a requirement, so you’ll need to get one even if you are a very small (including just one person) business.
3. Your business will need to have a license in the vast majority of instances, because most businesses are required to be licensed by the state or other entity.
4. You may be able to complete a merchant account application online, so you can get started faster and handle things from your business or even your home.
5. You might need separate merchant accounts if you are taking different types of payments, because not all merchant accounts allow for all types of payment options.
6. Your processing volume will determine the supporting documents you need, and doing a lot of business can mean more proof of what you do and how you do it.
7. It may take only one business day to get your merchant account up and running, so you can have your account ready to go without a lot of delays.
8. If you have a merchant account for your storefront you can use it online, as well, and that means you don’t need to start up another account.
9. The fees you pay and the processing times can vary, so check around and ask plenty of questions before you start your merchant account.
10. You need to understand PCI compliance to meet data security standards, in order to protect your company and its customers.
Ready to learn more and get started with a merchant account for your business? Get a free quote on dynamicmerchantsolutions.com today.
