Which Is The Easiest Way To Get A Merchant Account?

Merchant Services Q&ACategory: Payment ProcessingWhich Is The Easiest Way To Get A Merchant Account?
Maurya Shubham asked 7 months ago
2 Answers
Naman Verma Staff answered 6 months ago

Getting a merchant account for a business is not a hard job if a business is under a low-risk category and have proper set of registration documents. Things become difficult if a small business merchant performs unauthorized activates or gets higher chargebacks. 
With our associated solutions, we make sure to get a merchant onboarded faster with a reliable payment processing solution whether it is a credit card, Echeck or ACH, Cryptocurrency, etc.
It is vital to have proper set of KYC documents and timely response of merchant over query raised by payment processor to get faster and easy way to get a merchant account.
Some of the major documents that are must to be submitted includes Business registration docs, Processing history statements, Bank account statements, Utility bills, Owner identity documents, etc.

Bankim Chandra Staff answered 6 months ago

The Easiest way to get a merchant account is to be genuine and focused. Let me quickly explain this.
When you approach a merchant account provider for a MID. Then keep in mind what are the expectations of the PSP.

  • The PSP wants a merchant that has a website that truly demonstrates the business model and offers complete transparency to the customers. This means you have to ensure that the website is rock solid. Apart from website your social media pages must be active. Online reviews also speak about the companies customer care capabilities. 
  • To ensure transparency your website must have pages for refund policy and cancellation policy. The website should have contact information including address phone and email.
  • PSPs are looking for merchant that dont have huge credit risk This means they will also like to see your bank statement. Be generous in funding your account . Here i am talking about seed funding. We see many applications where merchants claim that they will process 1 million usd each month however there bank accounts hardly have $ 2000.
  • Be realistic in commitments. Only commit what you can achieve. In terms of Monthly and Annual sales volume give the achievable figure. Calculate MOM Growth rate by checking industry research papers. This will help you to represent a professional image of your company. A company that truly knows where they plan to head.

Be open in communication. Be proactive. Send responses and documents on time. Dont delay . You know that the Payment processing company has thousands of merchants looking for solutions. Hope this helps.