What Are the Benefits of a Domestic Merchant Account?

If your business has never had its own credit card processor, you might not be familiar with the concept of a merchant account, and that’s okay. More and more businesses are getting started with consumer payment processing solutions that allow for easy money transfers between individuals, and that’s all right.

Those processors can be a great way to knock out a few events or for people who have a hobby business, but if you’re growing a company that you want to make into your full-time commitment, the fees they attach to transactions will start to really hit your bottom line. That’s why most businesses opt for their own credit card processor and dedicated equipment, and that’s when you need a merchant account because it’s the account that your processor uses to render payment after receiving funds from the customer’s credit provider.

A good reason to consider a domestic merchant account.

Since the merchant account is an intermediary between you and the credit companies loaning the money to your customer, this account doesn’t require you to withdraw money when it arrives. Instead, it essentially facilitates access to your funds by speeding up your receipt of them. The necessity of an account like this and its close relationship to credit card processing is why many companies opt to get an account with the same people who supply their hardware and POS support, to simplify things.

If your processor is domestic and you get your account through them, you’re dealing with a company that understands your financial requirements and tax obligations, because they share them. It’s also more likely their business hours are compatible with yours, so you have more access to technical support when you need it. Let’s explore a few more great reasons to use a domestic account for your merchant account.

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.            

If you’re looking for a merchant account for your online business you’re at the right place. Merchant Stronghold got simple solutions for your complex business.