Individuals and companies that wish to conduct online payment transactions are required to obtain a merchant account. Opening a merchant account can be a particularly complex, time consuming and stressful to many therefore, it is advised to seek the assistance of a professional consultancy firm to ensure the process is completed in a professional and timely manner.
Checklist for opening a merchant account
There are several factors that need to be considered when opening a merchant account. The following is a checklist to gain a clearer understanding of the different elements that are involved in opening a merchant account:
- You will need a company in a jurisdiction which the payment processor accepts
- You will require a bank account for your company
- You may need to show your business plan to the acquiring bank in the application process of acquiring a merchant account from them
- You will have to complete the relevant application form and submit all necessary documentation to the relevant authorities and companies that will be party to your merchant account
- The acquirer will likely perform a risk assessment on your company before informing you whether your merchant account application will be approved
- On approval of all relevant factors, you will receive the go ahead to open your merchant account.
Through seeking advice of professional consultants, you can obtain knowledge on how to open a merchant account, where to open it and how to manage it. By seeking professional advice and assistance you will be more aware of how to get the most from your merchant account.