Before getting setup with a merchant account, you need to gather a few things to help the process go smoothly. Listed below is some information you may need:
1. Application, Agreement, Questionnaire Sheet, etc.
- Fill out all requested forms.
2. Copy of Voided Check
- Include a voided check from the account you want the funds to be deposited into. For banks to allow direct deposits and transfers from your checking account, they require identical names. Therefore, you will need to have your business name on file with your bank unless you are doing business under your personal name. The standard bank policy is to only allow business name usage under commercial checking accounts. If you do not have any printed checks, you may use a temporary check or provide a letter from the bank stating your account status and routing and account number.
3. Copy of Driver's License
- Include a copy of your driver’s license for identity verification. If you do not have one, then any other government issued ID card will also work.
4. Product or Service Information
- Provide a list of the products/services you are selling along with pricing. You can have the information displayed and stored on a web site. If not, then attach a separate sheet of paper detailing this information. Merchant providers are required by Visa & MasterCard to have accurate documentation as to what you are selling. If you are using a web site, then you must display your refund and shipping policies.
5. Current Processing Statements
- If you are already processing with another provider, please include your last three months of processing statements.
6. Articles of Incorporation
- if your business is incorporated, then you will need to provide a copy of your articles of incorporation or something verifying the status.
7. Business/Personal Tax Returns
- This information may be requested if you are asking for a large monthly volume. A number threshold may be $30,000 a month for example.
8. Business Financials
- This information may be requested if you are asking for a large monthly volume. A number threshold may be $30,000 a month for example.
