Application Requirements for Merchant Account
During the application process you'll be asked to provide the following information:
- General Business Information such as legal business name, DBA, Company Tax ID #, address, and state of incorporation
- Average Sales Volume including average credit card ticket and total monthly volume processed
- Ownership Information including majority owners Social Secuirty #, DOB, and home address (if there is more than one owner, we will need this information from everyone that makes up the majoirty ownership)
- Voided Check or Bank Letter to verify your operating account for all deposits and credits. (Starter checks and Deposits Slips will not be accepted)
This information will be taken over the phone and you will be sent an email for electronic signatures through Verisign.
Why Is Credit Review Part Of The Process?
Merchant accounts are not widely thought of a loans or lines of credit but that is technically what they are. For this reason, the processing company takes on risk of collecting funds that they pay out.
When a transaction takes place, the cardholder is charged and the merchant account provider pays you for the sale. The cardholder has up to 90 days to dispute the transaction for any reason and when this happens the chargeback process starts.
If the chargeback is found in favor of the customer, the funds are automatically debited from your bank account and paid back to the cardholder. The merchant account provider wants to make sure that each business they approve is financially sound and credit is a part of that equation.
Card Connect Merchant Center
Complimentary Access With Your Merchant Account
- Reporting Tab: download view real time transactions including open batches and settlement reports
- Optional Virtual Terminal: can be instantly activated at a cost of $5/month plus $.03 per transaction
- Account Alerts: Receive instant notifications when your statements are ready, a chargeback is filed, and more!
100% 'Cancel Anytime' Satisfaction Guarantee
If, at any point, you decide that the service is not for you, you can cancel without ANY penalties.