Things You Should Know Before You Open Merchant Bank Account

You thought about growing your business and want to start using the card transaction for your products? The first thing that you need is to Open Merchant Bank Account. And, if you are just starting with the payment processors and card transactions then the procedures can be tricky sometimes. For guidance, you need an expert or specialist.

You can get such services by calling our toll-free number +1(888) 622-6875. We at Merchant Stronghold also provide help to the high-risk merchant and their credit card processing. Furthermore, you can read this article where we are going to tell you details related to the merchant bank account.

What is a Business Bank Account? – Open Merchant Bank Account

You can open a Business Bank Account anytime just by visiting the nearest branch. It takes hardly a few minutes to open a merchant bank account if your documents are ready and appropriate.

• Even if you are the sole proprietor of the business, you need to create a Business Bank Account.
• All you need is your merchant license or business license and EIN (Employer Identification Number).
• Now, your business transaction can be carried out using this bank account.
• Also, make sure you keep a certain amount in the account for processing fees and software fees.

How to Get the Business License?

The business license is a permit from the government or the responsible organization that allows you to sell goods and services. Depending on your geographical location, you can get a business license by providing the required documents.

• You need to provide the documents that validate your business.
• Also, provide details of your standing business.
• An underwriting and review of the business also need to be submitted.
• Then after the completion of the formalities, you can get your Business License and Business License Number.
• These business licenses generally have the expiration date. You may be required to renew the license to continue the business.

To Open a Merchant Bank Account, you need to have a business license. If you are facing trouble to get a business license of account then contact the Merchant Stronghold at the toll-free number- +1 (888) 62- 6875.

Choose for Online Application for Merchant Bank Account

The procedure for opening the Merchant Bank Account becomes very easy by using the online method. You can apply for the merchant account from the web portal and open the merchant bank account.

• You will be asked to enter your business and company details.
• Then your valid business license number will be asked.
• You have to provide documents asked by the bank.
• And within a few hours, you will be ready with the merchant bank account.

Ask Security and Payment Related Questions

Before opening the merchant account, you should ask all the important questions. Those questions should include:

• Processing fees and funding time.
• Details related to PCI Compliance
• The kind of support you will get for your merchant account
• Any protection offered against the payment frauds
• Cancellation and early termination fees
• Payment processing compatibility
• Benefits of working with that specific bank

To Open Merchant Bank Account, you can visit your desired bank’s website and read their terms and conditions.

How Do You Select the Right Merchant Account?

If you have decided that you need to get a merchant account, you will need to consider which is right for you. Typically, acquiring banks do not directly provide accounts. Instead, they work with merchant service providers to act as middlemen.

Think about how many transactions you expect to be processing each month in the coming year. Also, think about what the average value of the transaction may be. Similarly, you will need to plan how customers will pay you.

Documents required to get a Merchant Account:

Personal Documents: Driving License and Personal Bank Statements for the recent 3 months

Business Documents: Article of Incorporation, Business Bank Statements for the recent 3 months, Processing Statements for the recent 3 months, Bank Letter or Void check, EIN - IRS, and a few supporting documents based on the business type.