The Steps in Activating a Sportsbook Merchant Account

You are right if you think that a merchant account is needed for a business. The procedure to obtain such an account is very simple. If you have a merchant account, then you can accept payments through credit cards from the customers. The first step in the application for merchant accounts is requesting a pricing proposal.

There are several factors that determine the pricing. These factors include: average ticket sales, type of product, type of service, processing volume and payment accepting methods. Direct marketing and online processing services will require more cost than “face-to-face” solutions. Before you buy the account you could take pricing proposals from many processors. A comparison among them is necessary to find out from where you can get the most satisfying deal. The reply time should not be more than one day. Ensure the companies would not take 24 hours for replying to the pricing request.

So before you select the provider of the account it is necessary to conduct proper research. Once you select the provider, fill the form and submit it to the particular company. You will also have to provide other documents needed by the processor. These are needed for the processing of your application. Some of these documents include: Tax returns, business license and the cancelled account check that is linked to Merchant account. The tax returns should have details of tax during the past two years. Once all of the required documents are submitted, the processing and setting up of the service should not take more than forty- eight hours.

But for the online account setting up, one more day will be required. This extra day needed is for the “Payment Gateway” set up. The total time taken for the entire process to be completed should not be more than seven days. This depends on the timely submission of the required documents. Also mention the requirements to the company clearly. To be able to mention the requirements correctly, you should have a thorough knowledge on what you actually need. You may have to conduct a research for this. This will avoid any confusion that can happen in the setting up process. This can help in a speedy process to obtain the account.

If you are associated with e-commerce then you will have to obtain an “e-commerce merchant account”. An online account would be sufficient instead of the e-commerce account.

If the business already has the merchant account, then you can call the existing processor and inform him of your requirements. There is only one big difference in these two account types. The difference is that the cards are received differently. A terminal equipment is needed for the retail physical stores that are able to find out the details from the card magnetic strip. The details of the credit card are needed for solutions that are web-based. Here the processor needs to add the required service to the merchant account that is already processed by you. 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.