How Do I Set Up A Merchant Account?

Setting up a merchant account is very important and usually, it’s not that hard to do it either. What makes a merchant account great is the fact that it allows your company to accept both credit and debit card payments. Usually, you will need to have either an agreement with the bank that they process credit card payments or you can work with a free deals association, MSP and so on. Either solution works as long as you collaborate with a dedicated financial institution and have an assigned purpose of offer framework.

The first thing you have to do

Determine the way credit card payments will work for your company. This means that you need to figure out the type of credit card payments that you want to accept and how you accept those payments. You need to see if you accept website payments, if you want to use a POS solution or mobile payments. You will also have to think about the amount that you get from credit card sales to begin with.

Aside from that, when you create a new merchant account you will need to think about the merchant payment processing and you will also have to make a comparison between all the services offered to you. This way you will be able to see which one actually delivers the best value for your money, so you should consider that as fast as possible. Each merchant account provider has a flat rate that will be charged each time a payment is processed or it might have a percentage fee based on the total transaction amount.

Stay in Control

Sometimes you will see that merchant provider options will have software and payment acceptance solutions. Of course, if you do opt for these merchant services you still need to have something that allows you to be in control. It might be challenging at first, but results will end up paying off quite a bit which is exactly what you want to focus on here. Having control over the way your customers pay is very important so try to keep that in mind.

Some of the merchants will set up your account and they will just require you to undergo a credit check and offer a personal guarantee. The application process might take some time though. Once that is done, the setup process will be completed and results will be impressive for sure. What you will like here is the fact that the process is seamless, once you apply for the merchant account, the provider will take care of everything. If you want to skip on some taxes or just want to deal with companies outside your country, you can work with an offshore account provider.

As you can see, setting up a merchant account isn’t that challenging to begin with. It will take some time though, so try to keep that in mind and it will help you quite a bit which is exactly what you want to have!

For more information, feel free to contact Merchant Stronghold and get assistance to find the Best Merchant Account for High-Risk Business. Furthermore, you can contact us using the toll-free number +1(888) 622-6875 and try the 24/7 email support. We provide specialized assistance for the high-risk business, merchant account handling, and other similar services.

Why Should You Get a Merchant Account Provider for Business?

Merchant Account Provider for Business – Usage of cash and checks is reduced in the past decade. More and more people are relying on the cashless transactions. This means people are getting comfortable with card payment and cardless transactions. But this is not good news for Merchants. They have to adapt according to the changing economy. This transition takes time and understanding.
In such case, sometimes a merchant needs an expert to guide them with the changes. Similarly, to handle the cashless transaction, a merchant needs a merchant account provider. A merchant account provider for business is very important. They provide all kinds of services that can be too much for a merchant to handle while running a profitable business. This is a guide from Merchant Stronghold to help the merchant to get the best merchant account provider and to understand the need for a merchant account.

There are benefits of getting a Merchant Account Provider for Business:

Better Money Management

No matter how small or large enterprise you have, money management is one of the very important aspects of a business. Without proper management of money, you won’t be able to see any profit. This is how a merchant account helps:

You get a merchant account, which is connected with all the modes of transaction available.
Now, if a customer makes the purchase using credit card, debit card, or other cashless modes, the money will be directed to your merchant account directly.
Also, you can easily track the flow of money and make your business better.

Customer Satisfaction

There are many people who do not carry a large amount of cash anymore. Also, they prefer card mode of payment when it comes to expenditure. Coming back to the merchant, they need to equip their business with the tools to accept such payments. A merchant account provides such services.

A merchant also provides the tools to accept various kinds of card payment.
If you have an online platform to make business then you can also add payment buttons to the website for the customer.
This provides flexibility to the customer, as they have the option to choose from multiple modes of the payment.

No Fake Currency or Bad Check Hassle

In the case of cash or check transaction, the merchant is always worried whether the money offered is genuine or not. Sometimes, these little frauds can lead to a great loss for the merchant.

By using the cashless transaction, the merchant can avoid cases of fake currency and bounced checks.
A merchant account also offers payment modes for the recurring transaction of products and services.

Growth in Number of Sales

As we discussed, a great number of individuals are opting for the card payment as the mode of transaction. And introducing the cashless transaction can actually bring more business. With the growing security, the number of card customers is increasing exponentially.

You can contact Merchant Stronghold if you are looking for the assistance to get Merchant Account Provider for your Business. Furthermore, you can also look up for blogs related to the Merchant Account Provider for Business and Merchant Account Services.

How To Choose The Best Merchant Account For High-Risk Business?

Best Merchant Account for High-Risk Business – When handling the card payment for the business, you must choose your card processor and merchant account very wisely. The Merchant Account should handle all your business needs along with the money related issues. Additionally, when you have a high-risk business then you need to choose your merchant account very carefully.
This article is a guide for the business owners looking for the best merchant account for high-risk business. Furthermore, if you are looking for specific guidance with respect to your business then you can contact Merchant Stronghold. We have merchant account experts who can guide you to get the best services you want.

How to Choose Best Merchant Account for High-Risk Business?

First of all, you need to lay out the demands of your business to shortlist the high-risk merchant account providers. Then out of those shortlisted service providers, choose the one that feels right. Here are some aspects of the Merchant Account that can help you shortlist good merchant account provider.

• High-Risk Business Management – A high-risk business bags number of Chargeback and Representment than other businesses. All these issues are handled by the account providers. To avoid more hassle, a merchant should get the account provider that offers efficient management for the high-risk business.
• Efficient Support – The second most important requirement for the high-risk business account is the customer support. Choose a provider type that offers 24/7 support to their customers. This could help in dealing with a lot of matter in the future. Your queries will get answered quickly.
• Hardware Services – Generally, the bank or merchant service provider offers the hardware equipment for the card and cashless payment. These devices can include wired credit card terminal, a wireless terminal, a POS system, or a mobile Smartphone-based system with a card reader and an application. Some of these services are free while others have some monthly charges.
• Charges – While getting a merchant account you must compare the account charges of various providers. This will help you understand the market price for the service you are looking for and purchase the one with reasonable pricing.
• Terms and Conditions – You must thoroughly read the terms and conditions of the service provider. Make sure you understand everything and then sign the deal. If you are unable to comprehend the policies then you can hire an expert to get you the information you seek.

Security and Chargeback – Merchant Stronghold

When dealing in a high-risk business, the profit of the business is also challenged. This is due to the security issues and a large number of chargebacks. You must get an account that offers the stability in the terms of security and chargeback management.

• Make sure you are provided by the tools that offer the security to the customer’s money and your money as well.
• A service provider that gives a smooth transaction of money between accounts.
• Also, the one who provides the chargeback related protection along with devices that help you fight against the chargeback, if necessary.

For more information, feel free to contact Merchant Stronghold and get assistance to find the Best Merchant Account for High-Risk Business. Furthermore, you can contact us using the toll-free number +1(888) 622-6875 and try the 24/7 email support. We provide specialized assistance for the high-risk business, merchant account handling, and other similar services.

An Easy Guide to Open Merchant Account with Bank

Open Merchant Account with Bank – As a merchant, you can jump between bank accounts for the online transactions of your business. This is the time when you should take your business to the next level by opening a business bank account. A Merchant Bank Account helps them to make payment using different methods including credit card, debit card, net banking, and other digital payment methods. Also, using a single account can cause convenience while calculating profit and loss.
In this article, we will discuss details related to the merchant bank account. To answer the question “Should you open merchant account with bank?”, read it till the end. Moreover, if you are facing some issues with your payment processing methods then contact Merchant Stronghold at the toll-free number for assistance. We provide specialized expert assistance for issues related to high-risk business, credit card processing, and many more.

Benefits of Opening Merchant Account with Bank

If you own a small business or a large enterprise, it is necessary to open a merchant account with a bank. This is because the merchant account can provide many benefits to the merchant and customers, both.

Here are some benefits to use a merchant account for your transactions:

• Better Customer Experience – The Merchant Account offers flexibility in terms of payment to the customers. They can access your services and get the products anytime they want by simply making the quick payment. This can result in an increase in customers and their satisfaction as well.
• Increase in Sales – As mentioned in the above point that the customer satisfaction leads to more customers. That helps your business to gain more loyal customers and increase sales. Furthermore, the merchant account handles and manages all the transactions without any issues and errors.
• Accepts a wide range of payment methods – Every Customer uses a different mode of payment method as per their convenience. If you are a merchant then you should prepare your business to accept payment using various payment methods. This especially includes the credit card.
• Prevent Payment Frauds – Payment frauds are common in the business. Moreover, there are many fraud tricks that can easily fool a person. But when you use a merchant account, you also get the security features provided by the bank to get the genuine money for your original product and service.

To open a Merchant Account with bank you need to understand the process or procedure. For such details, you can contact the Merchant Stronghold. Moreover, this article also includes some points that can make your decision easy while getting a new merchant account.

What Should You Look for in a New Merchant Account?

It can be tricky to choose one bank when there are a plethora of options available in the market of the merchant account. These banks have their own attractive plans to get more merchants to join them. But as a merchant, you should not be fooled by the plans offered by them. Before you go and open a merchant account with bank, you should set your priority and emphasise on important services.

• Support Service – Make sure the bank you choose has exceptional 24/7 support service. They are easily approachable and provide an effective solution to your issues.
• Chargeback Benefits – Read and review the services provided by the Bank to fight against the chargeback. There are tools and services that can help a merchant at the moment of the Dispute.
• Payment Gateway and Support – If you are getting a ready to go payment gateway along with the account then it could be a nice option for your business. This can bring ease and release you from one more task that is payment processing gateways.
• Benefits and Gift Card – This kind of services are provided to the loyal customers of the bank. You should also check for such services that can be beneficial in the future.

These are some of the basic requirements of the merchant when opening the merchant account. Every business is different and so are their requirements. You can get specialized details to open merchant account with bank by talking to an expert. Contact Merchant Stronghold and get details that can help you choose the best bank and merchant account service depending on your business.

Frequently Asked Questions – Merchant Stronghold

• What are merchant account requirements?
• How to apply for a merchant account?
• What is a merchant account?
• Who are merchant account providers?
• How to get online merchant account instant approval?
• Should you Open Merchant Account with a Bank?
• How to open a merchant account online?
• Get chase merchant account
• Do I need a merchant account?
• What are the names of merchant accounts for small businesses?
• How to get a merchant account with bad credit?

These are some of the common questions asked by our customers related to the “Open Merchant Account with Bank”. In case you are also having similar queries then feel free to contact the Merchant Stronghold. You can access our 24/7 email support and a toll-free number to reach our technician.

Requirements for Opening a Merchant Account in the USA

Merchant never directly contact a bank for the merchant account initiation that should collect the card transactions.
The purpose behind this there is a solid need of dealing with fraudulent and error transactions that need to be handled with the guidance of experts. For a merchant account that collects card transaction, the merchant should contact a processing company that acts as an intermediate between merchant and bank. They assist the merchant to deal with the card transactions effectively and help them to get funded from the bank against the legal transactions.

For merchants in United States, we have listed the requirements of the account application that can help them to be ready with all sorts of documents that will help them to apply with correct documents while filling the merchant account application form:

All the merchants who are based in U.S. they need to provide the general requirements that are listed below that will help merchant to prove that she/he is a legal resident of United States:

• Registered business name in U.S.: The merchant account applicant must be legally incorporated in the U.S. or at least merchant registered its business with the local governance that could give them “Doing Business As” name (DBA).
• S. bank account: The merchant should have a running U.S bank account, in which the merchant will get the funds of their transfers deposited.
• Physical address of merchant: A merchant must have a physical presence that is an address of living or doing business that can be verified.

The above document will help a merchant to show their legal presence in United States, if a merchant have the above necessary proofs, they can apply in the bank for a merchant account that can help them to collect payment through credit cards.

Now for filing the application for merchant account the documents will vary with the businesses risk volume, that is categorize with the dependence of these factors including nature of business, monthly processing, previous processing experience, etc. Although, the basic things a merchant needs to fulfill while applying for the account is:

• Application Form: The application form that will collect the basic information of the business and applicant. The information include physical address, Tax ID, average sales, bank account details, web address, phone number, etc. There is an advance pricing agreement that is regarding the pricing of the products.
• Business license: The applicant’s business requires any kind of permit before being sold; the applicant needs to provide the appropriate license copy at the time of application.
• Incorporation proofs: if the applicant claims that their business have the existence in all over the world, then there is a requirement of providing/submitting the copy of incorporation paperwork, that proves that business is illegible to collect payment from around the world.
• Voided check: The applicant needs to submit the voided check of their business bank account, with the business name pre-printed on it, this is called permanent check. If the permanent check is not available, then the merchant will need to submit a letter from the bank stating the account details and have the bank authority signature on it.
• W-9 form: This is an application form for Federal Tax ID. It’s not possible the form can be substituted with the SS-4 form with which a merchant can obtain the Tax id.
• Personal guarantee: The processor tries to be safe from the risk of debt that occur form the fraudulent action that is the undeniable part of card payment transaction. Personal guarantee is basically required by the privately held companies due to the nature of business.

Other than the document, the businesses that are listed in higher risk categories, needs to provide these addition details about their business:

• Business financial statements: Normally the details of last years of business transactions are required.
• Personal financial statements: Again the details of last two years of personal account details.
• Processing details: If the business has previously accepted the card payments, then at least of last three month of processing of payment details needs to be share with the processer.

Merchant Stronghold also provides the assistance with high-risk business and merchant accounts. Call us at the toll-free number+1 (888) 622 – 6875 or access the 24/7-email support now.