SETUP TIMELINE FOR OFFSHORE MERCHANT ACCOUNTS
If you have decided that your business
should have a merchant account then, you
are doing the right thing. The
application and then, setting up of the
merchant account is a straightforward
and simple process. A Merchant Account
is needed for your business to accept
credit card payments from your
customers. The opening of the merchant
account starts when you request a
proposal for pricing. The pricing will
depend on several factors such as type
of service or product, average sales
ticket, processing volume and the method
of accepting the payments, among others.
Conventionally, the online and direct
marketing processing services will cost
you more than the face to face
solutions. Before, buying the account
you should take price proposals from
several processors and compare them to
see who is providing the best deal. The
companies should not take more than a
day to reply to the request.
After making your choice of the account
provider, after doing proper research,
you have to fill the application form
and give it to the company. You should
also provide any documents that are
required by the processor to process
your application. Some of the documents
which are given include business
license, tax returns for past 2 years
and cancelled check of the account that
should be linked to the merchant
account, among others. After you submit
all these documents to your service
provider, the provider should be able to
process it and set up your service
within 2 days. When you are opening an
online merchant account, an extra day is
needed for setting up the “Payment
Gateway”.
The entire process which includes;
deciding your provider, fill and submit
the application and finally, the set up
of your service shouldn’t take over 7
days. The answer to a speedy process is
to provide all the information and
documents on time and also clearly
telling your processing company what is
needed by you. To do that, you should be
sure what you need which requires some
amount of research before beginning the
acquiring process.
If your line of business is like a
retail business then the face to face
processing of credit cards should serve
your purpose and you should look no
further. However, if you are involved in
e – commerce then you have to get the e
– commerce merchant account or the
online merchant account. Well when you
need both types of processing, then also
you require only one account.
If your business already has a merchant
account, then simply call your processor
and tell him the service required by
you. The only major difference between
the two types of accounts is the method
in which the cards are received. For
physical retail stores you need terminal
equipment that reads the details from
the magnetic strip of the card and for
the web based solutions the user has to
enter the credit card details. In this
case, your processor only has to add
another service to your active merchant
account.
Contact
one of our helpful account
representatives to assist you in the
setup of
a
high risk merchant account or
offshore merchant account for a
high risk merchant. |