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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.