We know that applying for a merchant account can seem daunting. But with the right preparation, it can be much less complicated than you think.
Along with basic business and owner information, there are important documents you must have ready before you begin applying for a new merchant account.
The three primary documents are a voided check, photo ID, and an SS-4 form.
Voided Check – You will need a voided check for your merchant account provider to be able to access your bank account to set up direct deposit.
Photo ID – Verifying your identity is extremely important – especially when your financial information is being handled.
SS-4 form – An SS-4 form is needed to match your Tax ID with your business name. Not only does this verify your business, but it also proves you aren’t funding illegal causes.
Other documents you may need:
Social Security Number – The social security number is checked against your photo ID, to confirm your identification.
Bank Statements – Your merchant account provider will ask for bank statements from the last three months if you are a merchant with a high processing volume. Bank statements establish that your account will be able to withstand chargebacks.
If you are fully prepared before you begin searching and applying for a new merchant account, you will find that the application process is much easier than expected. Once you have all of your documentation, you will be set!