What is required to open a merchant account?

A merchant account is exactly what you need if you own a business and are looking to accept credit cards as a form of payment from your customers. Beyond that, it’s a known truth that accepting credit cards can increase sales because you are not limiting yourself to only cash and check payments! So, you’re almost ready to get started – now what do you need to have or do in order to open a merchant account?

Typically speaking, in order to apply for a merchant account, you will need to operate a business (e.g. under sole proprietorship, LLC, incorporation or another business entity form), have a bank account (this is where your funds will be deposited), and in many cases, if you are applying for a merchant account that operates in the U.S., you’ll need a U.S. Social Security number. In the approval process, there may be additional items you will need to submit however the underwriting departments / sales agent will inform you of these as needed.

If you still need more information on merchant accounts, check out the following links to merchant account FAQs:

–          How soon should I open a merchant account?

–          How to compare credit card processing companies

–          What’s a virtual terminal?

–          How do I accept credit cards on my smart phone?

For more details on merchant account requirements, contact Group ISO Merchant Services at 1-800-571-2606.