Thursday, February 16, 2012

Credit card merchant account

Here’s your chance to learn details about different terms and phrases used in the merchant account industry. Our merchant account knowledge base is constantly growing each and every week. If there is a payment processing phrase that is commonly used that you would like to recommend here please contact us.
Please be aware this section of MerchantSeek is very new. We’re developing a list of payment processing phrases that we’ll be adding in as time goes on.

Merchant Account Services & Other Payment Solutions

Merchant services, accepting credit cards online and other payment processing solutions is vitally important to the success of your business. The fact is, your businesses success or failure can depend on whether or not you accept credit card orders. Searching for a good deal from a merchant account provider is a slow and tedious process. Now, we’re bringing the merchant accounts and ATM machine options to you! That’s right, no more time consuming searches on the search engines, because we’ve done the searching for you. We have both developed an online database providers who issue merchant accounts, and created extensive archives and resources (articles, news and more).  MerchantSeek was created to aid you in the process of locating a provider that is right for your businesses needs and budget.

A General Introduction

Credit card processing can be a confusing subject. Before you jump in with both feet lets give you an introduction; What merchant accounts are, what information is needed to obtain your merchant account and rates/fees involved.

What is a Merchant Account?

Merchant accounts are special accounts that are setup for a business to accept and process credit card orders. After processing a customers credit card the transaction goes through a series of complex stages. The money transferred through the merchant account is then deposited into the business’s checking account within 2 to 3 business days.

Requirements for Merchant Accounts

Getting important information together ahead of time will ensure that you breeze right through your merchant account application process. Here’s what you may or may not (depending on the provider) need in order to obtain your merchant account:
  • Checking account (some providers set you up with one but most require that you have one already. If you’re a Sole Proprietor you may usually use your personal checking account, however if you’re an LLC or Corporation you may need a business checking account).
  • A copy of a voided check (if you use your own checking account for funds to be deposited in).
  • Articles of incorporation, business license or re-seller license. – only if applicable. (A ‘Certificate of Assumed Name’ from your county Register of Deeds office may be all that is required. These only cost around $8.) The purpose of this is to prove you are a legitimate business.
  • Pictures of business office and location – usually only if you’re high risk – (this extra step can save you money in credit card processing costs). If you are not considered high risk when you apply this is typically not needed
  • Have a web site (if you want real-time online processing). If you are not an online business you will not need a website
  • Return policy information (even if it’s “no refunds” a provider will need to know this).
  • Higher risk accounts may need to Provide trade references.
  • Photocopy of recent tax returns may also be needed for higher risk accounts (may or may not be needed depending on monthly sales volume you expect through your merchant account).
  • A photocopy of your drivers license may only be required if you’re a Sole Proprietor that doesn’t have a business license.


  1. Thanks for the information about merchant account. It is really appreciated.

    ATM Perth WA

  2. This comment has been removed by the author.

  3. offshore merchant accounts are categorized under low-risk, medium-risk, and high-risk merchant accounts. Offshore businesses depicting lower risks need low risk merchant processing services including credit and debit card processing solutions and much more to effectively function and grow their sales!


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