If you own a business, setting up a merchant account may sound a bit intimidating. Understandably, smaller businesses often worry about taking the next step, and opening a merchant account can be a challenge because it involves taking a risk. Although changing a business model can be stressful, setting up a merchant account doesn’t have to be.
Where to Begin
Before you implement a merchant account system, you should conduct some quality research.
Taking the Next Step
Once you choose a merchant account company, you must provide some verification and other information to begin the setup process. According to paysimple.com, most merchant accounts require the following:
An active, current business license: This is to ensure that your company is legitimate. A merchant account underwriter will verify and copy the license.
A business bank account: This is required because it is the destination for the funds that are transacted through the merchant account. This account is typically used for paying monthly fees/processing fees, if necessary.
The Application Process
Many merchant account companies allow businesses to complete the application process online. The application will most likely require the following:
Accounting and routing numbers for the business bank account
Information from the authorized signer for the account
Estimates of processing volume
Business contact information
Company starting date
Business owners should keep in mind that they might have to get multiple merchant accounts depending on what payment transaction types they wish to accept.
The top three ranked merchant account companies on bestcompany.com are Leaders Merchant, goEmerchant, and Flagship Merchant Services. We recommend comparing and contrasting their application processes.
Watch Your Business Grow
Merchant accounts are designed to help businesses develop by allowing them to accept payments in multiple forms. The more payments a business can accept, the bigger the opportunity for more revenue. The top three ranked companies each promise to provide growth to businesses that use their services by presenting various money and time-saving solutions.
Leaders Merchant presents a POS system called Clover which replaces regular POS terminals with an “integrated suite of products.” Businesses can grow by getting to know their customers and business model better with reports and applications that can be run from work or home.
According to goemerchant.com, goEmerchant provides the Quickbooks solution which allows companies to receive “competitive discount rates, low transaction fees, and no hidden costs.”
Flagship Merchant Services provides the Digital Loyalty Program, which allows business owners to track their consumers’ buying trends. The Business Management Portal gives business owners tools and resources to help them better manage their accounts.
Although there are many aspects to consider when setting up a merchant account, if you do your research and choose the best company for your needs, the benefits seem to be worth it.