A merchant account is essential for businesses that need to make and accept electronic transactions. Such electronic transactions include but are not limited to payments made or received via credit cards, debit cards, and e-wallets. Since electronic payments are the only kinds of payment that an online company can receive, merchant accounts are necessary for them to function.
In fact, it would be difficult to find any legal business at all that does not make or accept electronic payments in 2022. Therefore, having at least one active merchant account is now a default requirement for even brick-and-mortar businesses. If you have just launched a new business or in case you need a new merchant account for the same business, the quick tips shared here should help.
Before you apply for a merchant account from any merchant account service provider, ensure that you have access to all the verification documents first. Some service providers may demand to see additional documents before approval, but most will need to at least verify:
If your business is part of a high-risk sector, you will find that most banks are unwilling to let you open a merchant account with them. Such refusals can be disconcerting and disheartening, especially if the company itself does not have any trade/credit/chargeback history that can justify being put on the high-risk list.
The good news is that you don’t need to waste time by applying to places that won’t accept you. Instead, apply with the help of a merchant services provider that specializes in opening high risk merchant accounts for businesses that work in sectors such as collection agencies, bail bonds, auto transport & warranty, airlines, travel agency, adult entertainment, online jewelry, online, CBD, and much more.
Explore your options, compare the fees, see the benefits on offer and then make your decision. While there may and probably will be other fees, the following should be your three main areas for a fee comparison:
It’s true that almost all modern businesses need to provide their customers with the option to pay using their credit/debit card, including offline establishments. It’s also true that merchant service providers and banks do not always accept applications from every business that applies to open a merchant account with them.
Nevertheless, that does not take anything away from the fact that the businesses themselves also have several options to choose from. This fact is extremely important because the competition is what stills keeps those fees in check.
TI Partners represents articles from our partners, including NGOs, governments and companies, and some are paid for.
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