Furniture Merchant Accounts: Comprehensive Guide
A furniture merchant account is a specialized bank account that allows furniture businesses to accept credit and debit card payments from their customers. A furniture merchant account is suitable for all types of furniture businesses including retailers, e-commerce sites, wholesalers, distributors, custom furniture makers, furniture rental companies, office furniture suppliers, and specialty furniture stores.
The furniture industry has undergone massive transformation in recent years. This transformation is the result of changing consumer preferences, easy availability of manufacturing equipment, innovative design softwares, and highly functional e-commerce platforms. One key change that cannot be ignored is the creation of various furniture brands that offer locally and internationally produced furniture.
E-commerce platforms like Amazon.com, Ikea.com, and Walmart.com have played a very important role in facilitating massive local and international furniture sales. Many of these platforms work as global marketplaces, connecting buyers and sellers across different countries. Sites like Etsy.com are great examples, offering a comprehensive e-commerce platform to furniture businesses of all sizes. On these platforms, you can find large retailers and even small artisans all striving to gain a share in the global furniture sales industry.
Credit card processing is the backbone for both local and international sales of furniture. Whether you conduct business-to-business transactions or sell your furniture to individual consumers, you will need a furniture merchant account. With a high-quality furniture merchant services account, businesses can accept all types of credit and debit cards. Along with that, they can also collect payments via alternative payment methods. A furniture merchant processing account makes the ordering process super smooth for customers.
Businesses that sell furniture to customers in foreign countries get the maximum benefits of international merchant accounts as they can allow customers to make payments in their home currency. These solutions come with robust fraud detection tools that give peace of mind to merchants while they accept orders from customers in different nations.
In terms of business-to-business transactions, credit card merchant services are an excellent addition for wholesalers, distributors, and manufacturers. With a B2B furniture account, businesses can accept payment for bulk orders. A proper B2B payment solution ensures smooth operations of the furniture supply chain.
It is well known that credit card merchant services are a vital component of the modern furniture industry. The right merchant account helps businesses thrive. QuadraPay is an experienced provider of highly dependable furniture credit card processing accounts. Ask us today for a zero-obligation quote.
Types of credit card merchant services for furniture shops
Depending on the business operations, its unique needs, and customers, a company can choose any or all of these payment solutions. Let’s explore the most popular types of merchant services in the global furniture industry.
Online Credit Card Processing for Furniture Shops
This type of merchant service account allows furniture shops to accept credit and debit card payments through their e-commerce website. Furniture merchants can accept both local and international payments through the online merchant account. These solutions come with APIs, ready-to-use plugins, and a virtual terminal. The online merchant account for furniture shops can process transactions in over 10 currencies.
Retail Credit Card Terminals for Furniture Shops
For small and large furniture shops, we offer retail credit card terminals. These credit card swiping terminals allow businesses to accept face-to-face payments for the sale of furniture. Our terminals can be easily integrated into popular furniture POS systems. These retail credit card terminals are powered by high-quality microprocessors and come with multiple modes of internet connectivity. The high-quality hardware and software configuration of these terminals deliver around-the-clock transaction processing capabilities to our furniture merchants.
Mobile Credit Card Terminals and Card Readers for Furniture Delivery and Payment Collections.
Furniture shops generally offer delivery services and are required to collect payment from customers at their homes. For this, we offer compact mobile credit card terminals and card readers. These full-featured mobile credit card terminals can be easily carried in the shirt’s front pocket or in a bag. Your representatives can swipe the customer’s card on-site and easily accept payments. You will receive instant notification of the payment details.
These devices are extremely popular in industries that offer home deliveries. Some of these industries include furniture, appliances, electronics, grocery, home improvement, restaurants, clothing, apparel, footwear, skincare, beauty, pharmacy, health products, books, stationery, pet supplies, wine, alcohol, flowers, gifts, sporting goods, office supplies, automotive parts, baby products, home decor, and outdoor equipment.
Features of Furniture Payment Gateway
Let’s take a look at some of the most amazing features of a furniture payment gateway. Whether you have a retail store or run an e-commerce website to sell furniture, these features are sure to boost your business.
Our furniture payment gateway solutions provide highly secure transaction processing, whether you accept transactions within your store or your customers make payments on your website. By ensuring the safety of transaction information, your customers will trust and have confidence in your brand.
We bring you omnichannel payment processing, meaning we have the capability of offering you both online and retail payment processing for your furniture business. We also offer mobile API to integrate payment solutions into your mobile app. You don’t need to go to multiple providers to search for different solutions; you’ll find all the solutions with QuadraPay.
With our furniture credit card processing account Your customers can make payments in different modes. depending upon your business requirement you can either collect one time payment or you may also set up subscription payments.
Our payment solutions integrate easily with popular CRM systems, allowing you to efficiently utilize the CRM’s built-in reporting tools to track sales and manage inventory. This ensures that you can keep items consistently in stock and optimize your business operations.
Our payment gateway can be easily connected to your business website. You can even modify the look and feel of the hosted payment page to match your brand’s visual appearance. The integration can be done through the API or ready-to-use login, and you can always use a hosted payment page if you are interested in a quick integration.
By effectively utilizing all these features, a furniture shop or an e-commerce website can enhance the shopping experience for their customers, ultimately resulting in better sales and business growth.
Application Process for furniture merchant services.
Applying for furniture merchant services with Quadrapay is a very easy process. Our team has taken steps to reduce the overall time needed to get the account approved. By simply following a few steps, you will be able to obtain an excellent furniture account that allows you to accept credit and debit card payments from both local and international customers.
The application process starts by filling out a short form on our website, where we collect your name, phone number, and email. Once we receive this information, one of our experts in furniture merchant processing will contact you to understand your unique requirements.
Based on your inputs, our team will start working on the next step, which includes collecting the KYC documents from you. Once you send us these important documents, they will be forwarded to the underwriting team at our partner processors. The underwriter will evaluate your website, your documents, and also check public records to come to a conclusion regarding the approval of your account. Please keep in mind that we offer very high approvals for furniture merchant accounts.
Once your account is approved, you will receive the merchant account agreement, which you need to sign and send back to us. After that, you will receive login details to the Gateway and information about the integration process. Keep in mind that the QuadraPay team is always there to assist you.
KYC documents required for furniture shop merchant accounts.
Some of the documents that you will need to submit for the approval of a furniture merchant account are listed below. These documents, when submitted together, provide a comprehensive insight into your furniture company’s structure, owners’ information, and business model. Let’s look at some of these documents.
The business registration document includes the certificate of incorporation, business license, or permits. These documents depend entirely on the legal structure of your company in the jurisdiction where you are operating. For example, if yours is a furniture company in the USA, then you may need documents related to LLC or Inc. However, if you have a limited company registered in the UK, then you will have to provide the documents received from the company house. We can support furniture merchants from the US, Canada, UK, and EU nations.
The identification proof of the directors should include documents like a driver’s license, passport, or any other valid document displaying the photo of the company directors. In most cases, you will have to submit the identification documents of all directors who own over 20% of shares in the company.
It is mandatory for the merchant account acquirers to ensure that they have a document confirming the address proof of the director and also the company. For this, you can submit any utility bill, lease agreement, or property ownership document related to the director’s address and the furniture sales location.
Bank statements and recent processing history provide an analytical view of the financial strength of the company. The processing history also gives a detailed understanding of the transaction volume as well as the potential chargeback risk of the merchant.
Depending on the country of registration, you will have to submit your business tax identification number. This can be EIN/TIN in the case of the United States of America and VAT in the case of the EU and the UK.
The sponsor bank and the payment service provider must have a document confirming your business bank account details. For this, you can submit a letter issued by your bank that gives details like the account number, routing number, SWIFT code, etc. You can also submit a voided check.
Sometimes, acquiring banks can ask for additional documents to complete the KYC verification process for your furniture sale merchant account. In that case, our team will promptly update you about these extra documents.
It will help if you provide accurate and up-to-date documents at the time of application so that you save time and also improve the chances of account approval and better rates with the payment processor.
Website requirements for furniture merchant services.
As a growth-oriented, internet-driven business owner, you must ensure that your furniture website truly complies with the requirements of the payment industry. Let’s look at some of the important elements that your website must have for the approval of the account.
Your website should have the capability to integrate with the payment gateway provided by the merchant service provider. It helps to talk with the provider in advance and ask if their payment gateway is compatible with your ecommerce platform.
It is important for your website to have an SSL certificate. The Secure Socket Layer certificate encrypts the data transferred between your web server and the user’s browser. It provides a highly secure encrypted connection for making online transactions safely.
Make sure your website has a responsive design so that it adapts to various screen sizes and devices. Although having a responsive website is not mandatory, in today’s world of high-speed internet where customers may access your website from various devices, it is important to provide them with a platform that is easy to navigate.
Ensure you clearly display furniture products with detailed descriptions and high-quality images, and provide the right pricing information. The objective of the Product Information page is to convince the customer to make the purchase as well as providing the right information about the product.
Ensure that your website has a functional Shopping Cart. This cart should allow your customers to add products and proceed to checkout. A good checkout process reduces cart abandonment and increases conversion.
You must provide clear contact information to your customers. You can place this information on the “Contact Us” page of your website. Merchants also place important contact details like phone number and customer support email on the footer section of the website. Providing these details to your customers reduces the risk of returns and chargebacks.
Add the mandatory policy pages to your website. These include refund policy, shipping policy, terms and conditions, cookie policy, and privacy policy. Make sure that these policies are written in simple English so that your customers can easily understand and set the right expectations.
If you have already received customer testimonials and reviews or industry certificates, then you should prominently display these on your website. It generates trust with underwriters and customers.
Make sure that your website complies with fair business practices. By ensuring your website meets all the above suggestions, you will have better chances of securing good rates.
FAQ Furniture Shop Merchant Accounts
What is the MCC for Furniture sales?
The Merchant Category Code (MCC) for furniture sales varies depending on the specific type of furniture being sold and the nature of the business. Here are some MCCs commonly associated with furniture sales:
- MCC 5021: Office and Commercial Furniture Sales (B2B)
- MCC 5311: Department Stores that Sell Furniture
- MCC 5712: Sales of Finished Furniture Products, including Custom Made Furniture like Patio Furniture
- MCC 5931: Sale of Used Furniture
- MCC 5932: Antique Shops that Sell Antique Furniture
- MCC 5937: Antique Reproductions Merchants (selling reproductions or facsimiles of antique furniture)
- MCC 7641: Furniture Reupholstery, Repair, and Refinishing Services
These MCCs cover a range of furniture-related businesses, from selling new and used furniture to offering repair and restoration services.
