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.
• Privacy Policy listed on website.
• Customer Service telephone number listed.
• Secure checkout system.
• Domain name registered to merchant.