There are a number of factors that need to be considered before obtaining a merchant account for your business needs. The type of merchant account a business obtains is dependent on the size and nature of the goods and services that a company offers.
For information on how to obtain a merchant account, please click on the following link to view our Merchant Account Services page.
Process of obtaining a merchant account
There are three main types of merchant accounts that companies tend to obtain, these are: travel merchant account, international merchant account and forex merchant account. Depending on the nature of the business entity, they seek to obtain whichever type of account is best suited to the organization’s requirements.
- The first stage in how to get a merchant account is to find an appropriate acquiring bank to set the merchant account up with.
- Once you have located the acquiring bank you wish to obtain your merchant account with, you will need to contact them.
- You will be required to complete a pre-application form and then send it back to the bank.
- On approval of your pre-application form, you will be sent a complete application form to fill in and return to the acquiring bank.
- Once this process is complete you will have your merchant account.
- The final stage is to integrate your online merchant account with your website, enabling all transactions to go through a payment gateway.
The process of obtaining a merchant account is relatively complex therefore it is advised that you seek the assistance of a professional consultancy firm. This will help ensure that you successfully complete the procedure of obtaining a merchant account in a professional and timely manner.