MERCHANT STRONGHOLD
HIGH-RISK MERCHANT ACCOUNT SERVICES PROVIDER
Merchant Account Requirement and Process Merchants often get stuck in the lengthy requirement and process of merchant account application submission and approval. Merchant account is a service that enables any private entity, corporate business or non-profit organization to receive payments through credit cards or any other electronic payment mode. What makes this process of establishing a merchant account a bit lengthy for the first time applicants that are owner of the existing business is the lack of knowledge about the exact requirement of documentations while submitting the application to get approval?
Before specifying the requirements of a merchant account, let’s have look at how merchant account get the funding from the proof of transaction: The merchant’s bank, where the merchant have the account for acceptance of the electronic transactions, gives merchant an extended line that is virtual terminal/ gateway to accept card. Now, whenever the merchant accepts an electronic transaction the bank gets electronic notification, acting as processor bank, they acquires it by submitting the payment to the merchant account, by deducting the transaction fee that is specified at the time of establishment of account.
To prove that the applicant is the legal resident of the country he/she should have these documents to initiate the application process: Legal presence in the country: The merchant should have a registered legal name and address and a Doing Business As name. Physical presence: The merchant should have a physical presence of the business place. This physical presence can be the applicant’s home or an office from where the business is being incorporated. An existing personal or business bank account in the country where the applicant is applying for the merchant account.
If the business is high risk that is if the volume of transaction is high or the product belongs to the industry that is categorized in the high risk business industry the merchant needs to provide these details: Financial transaction details of the personal account, of last two financial years. Financial transaction details of the business account, of last two years. If the business has used the virtual terminal they should provide the transaction processing details of at least last 3-6 months.
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