The requirements for online merchant accounts are as follows
- PSP will need the merchant to be a registered firm. This can be even a sole proprietor firm registered with government
- PSP make payments to the business account of the merchant and not directors personal account. So the merchant must have a business bank account
- PSP will need an active website. This is the most important thing. The website must have traffic. Social media handles should be updated to improve the chances of approval
- Check the online review of the company. PSPs will lookup lot of things on web. Company Name, Number, Email and Website. This is done to check if the company has a bad reputation. Some negative reviews may be ok as large companies always have some negative reviews however the the intensity of the content can have a significant impact on the decision of the underwriter.
- Be quick in responding the the emails of the PSP. If they ask something provide it.
- Ensure you have a system of collecting proof of delivery and proof of service.