Merchant’s Guide to Payment Processing Secrets: Contracts & Fees
Payment Processing Secrets: Getting an eCommerce Merchant Account
Getting an eCommerce merchant account often requires merchants to undergo a rigorous review process. Merchant account providers like to get a sense of a business’ credit (including personal credit for the founder), banking history, and chargeback ratio. Our first set of payment processing secrets includes questions merchants should be prepared to answer during the approval process.
- What industry is your company involved in and what type of business do you conduct?
- Knowing this information can help determine the risk level of credit card fraud and returns.
- How long have you been in business for?
- You’ll have to provide documentation outlining your business journey.
- Are you in good standing with investors, payment processors, and banks?
- An eCommerce merchant account will look for bankruptcies, defaults, and other red flags.
- Have you had a merchant account terminated in the past?
The owner will also have to offer his or her personal credit history, Employer Identification Number (EIN), business checking account information, business license, social security number, and other pieces of business operational information.