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Successful Merchant Account Application? Ask Questions!
When selecting a merchant account provider, consider the following questions.
Q: What information do I need to submit for your merchant account application?
Here is a list of information commonly required by merchant account companies.
- Business financial information
- Types of products or services
- Length of time in business
- Credit history
- Business location (it is difficult to get a US merchant account if not located in the US)
- Price of products or services offered
- The market segment in which you operate
- Business type
- Refund policies
- Average order size
- Average monthly amount
- The processing method in which products and services are being sold and delivered (manual or real-time)
- Other sources of income
 Q: What fees do you charge for your products and services?
Typical fees include transaction fees, discount rates and set-up or application fees. Fees range from merchant account provider to provider and varies based on credit history, type of business, and transaction volume.
Q: Do you have a minimum transaction number per month?
Most merchant account providers require a minimum number of transactions per month.
Q: What is the time delay between a credit card transactions and when the money is deposited into your bank account?
The time delay is usually one to three days.
Q: What storefront solutions, payment gateways, and E-commerce back-ends are compatible with my merchant account?
When conducting real-time processing, your transactions will not execute properly if each of your E-commerce components is not compatible.
Q: What security features do you have?
Your merchant account provider should have ways to reduce the risk of fraud during the transaction process. They should have software like SSL that will encrypt sensitive customer information.
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