When building your own business online, a big step to take is accepting credit cards for your products and services. However, while it seems like a simple thing, the process towards being a business and merchant capable of processing credit card transactions isn’t without its fair share of complications and necessary qualifications.
There is a list of things you’ll need to be aware of and have ready when customizing your processing solutions, when you’re applying for a merchant account with eData Pay
Is your paperwork in order?
Bank Application: Signed and completed in full.
SS4 Document: An SS4 document from the IRS that shows the 9-digit number assigned to your corporation, sole proprietor and other entities for tax purposes.
Photo Identifications: Valid photo identification of all the business owners, such as a driver’s license and or passport.
Voided Check: A voided check containing the business’ exact name. It also verifies that the business has a legitimate business checking account.
Utility Bill: The utility bill – which can be either the gas, electric or cable bill but cannot be more than 3 months old.
Business Bank Statements or Business Bank Letter: We need the last three months’ worth of banking statements which show a business is operating and functional.
Credit Card Processing Statements: If the business has a merchant account, then 3 months of statements would be needed; to check volume, ticket items and chargebacks.
Website or Marketing Material: Your website, showing exactly what your business sells.
Is your business considered high risk?
There are several industries that automatically qualify a business as high risk for credit card processors, due to the higher risk of chargebacks and attempted/successful credit card fraud, like adult entertainment, casinos/gambling, tobacco products and online pharmacies.
Is your pricing competitive?
Our sales team has the business banking relationships to provide you the most cost effective solution for credit card processing. If you are just getting started or have been an established for years we offer competitive merchant account rates for both low risk card swipe processors and higher risk mail order telephone order MOTO credit card processing including high risk merchant accounts. So apply for a merchant account today and open your sales to the world!