How to apply for a merchant account

Apply for merchant account can be a long and complicated process especially if you are a new in business and going through this process for the first time. Are you wonder how to open a merchant account? When you are a new start-up and try to apply for a merchant account you can face with some problems like the bank can dictate any terms they want to you. Payment service provider PaySpace will help you to resolve this problems. We'll apply to several banks and will offer you the best deal.

How to apply for a merchant accountIt is important to understand that applying for a merchant account is not a formal process. Banks weeds out dubious businesses and if at the moment of the most important first contact you will make mistake further negotiations may be difficult. As a rule bank's representatives express a desire to hold a private meeting with business owners when the bank suspect that something wrong. Often the negotiation process simply stops. Therefore it is necessary to operate correctly from the beginning.

If your organization is registered in the offshore territory and did not worked before, then in 90% bank's requests are follows:

  • The presence of full-fledged business plan with the financial part of the British accounting terminology;
  • Working site which shows that it's really business company website;
  • Presence on the website all necessary business user agreements;
  • Provide apostilling photocopies of —Āertificate of state registration of legal entity, permit to conduct activity, shareholder's agreement and other documents the final list of which is determined by the bank; Provide details of your chargeback policy;
  • Describe the features of your system to filter fraud payments;
  • Provide evidence of phone support service;
  • Provide a copy of the ID of directors and the beneficiaries; Provide proof of financial viability of the company itself as well as business owners;
  • Report about expected monthly turnover and the average amount payment.

In case when you company worked in the offshore territory then for internet merchant account may also be required:Are you wonder how to open a merchant account?

  • The recommendations of sectoral financial institutions or banks;
  • Copies of recent tax returns (depending on the expected volume of sales through your merchant account);
  • Credit file your company or personal credit file.

If you want to apply merchant account but don't know how to do it right, please contact us and we'll help you.