What are the requirements to setup a merchant account?
To setup a domestic or US based merchant account a merchant must have a physical location within the US and an American checking account. Once these conditions are met a merchant can apply for a domestic merchant account. If these conditions cannot be met a merchant must use an offshore merchant account.
Application Requirements for all businesses:
- Physical Location in the US.
- Checking account with an American bank in the name of the business or the merchant account signer.
- Explanation of business type (i.e.: LLC, Corporation, Sole Proprietorship, etc.).
- Federal Tax ID Number (EIN).
- Owner or Merchant Account signers SSN.
- Owner or Merchant Account signers address information.
- Product or Services being sold information.
- Exchange and Refund policies.
- Intended method of accepting transactions (i.e.: swipe, internet, keyed, etc.).
- General business location type (i.e.: Shopping Center, Home Based, etc.).
- Copy of a voided check from merchants checking account.
Additional Requirements for some businesses:
- Marketing material (i.e.: business card, brochure, advertisement, etc.).
- State or Federal Business License.
- Proof of business existence (i.e.: phone bill, utility bill, etc.).
- Proof or financial stability (i.e.: profit and loss statements, bank statements, etc.).
Requirements for all internet businesses:
- Active website with DBA of website listed on application.
- Product delivery methods and time-frame clearly stated on website.
- Product prices in US dollars.
- Customer Service telephone number listed.
- Secure checkout system.
- Domain name registered to merchant.