Individuals and companies that wish to obtain a merchant account must complete the official merchant account application. The primary purpose of the merchant account is to enable online payment transactions for goods and services for a business entity. After you have determined whether or not your business entity requires a merchant account, it is important to gather the relevant information and documents to proceed with the merchant account application.
Typical questions asked in a merchant account application
The procedure of applying for a merchant account is largely dependent on the type of merchant account that you wish to apply for. This includes the various documentation required, as well as the fees that retailers must pay.
A merchant account enables the holder to offer online payment solutions to their clients – this involves transacting payments for goods and services through credit and debit cards. By obtaining a merchant account, retailers are able to cater to a wider client base as customers are able to pay for their goods and services through the internet, thus being more convenient, accessible and secure.
Below is a list that outlines the main requirements for the merchant account application form, however this list is not exhaustive.
- Company name
- Company website
- Contact person
- Contact method
- Full address of company and location of registration
- Website URL
- Website industry
- Product/Services your website offers
- Website customer origin and percentage of customers
Processing details are also required by the applicant, including:
- Type of processing required
- Whether you require recurring billings
- Transaction currencies required
- Settlement currency you require
- Expected number of transactions (monthly)
- Minimum and maximum expected transaction amounts
- Bank details