Merchant Account for Auto & Home Supply Store – Card, Echeck And ACH
Auto and home supply stores require merchant accounts to sell various auto parts and home supply products. These companies primarily offer products that include tyre, automotive batteries, accessories used in automobiles. These organizations mostly operate from small shops. Merchants from this industry are categorized with merchant classification code 5531 or MCC 5531. This is a special merchant classification code assigned by various card brands primarily for merchants in the auto and home supply store businesses. Some of the most common entity types that may be related to this MCC code are
1. Automobile Accessory Stores
2. Air conditioning system for automobiles
3. Automobile spare parts seller
4. Automotive battery seller
6. Tyre stores etc.
KYC For Merchant Account for Auto & Home Supply Store
The most common mode of Credit Card processing in the auto and home supply industry is credit card terminals or point of sales terminals. Payment processing companies and acquiring banks usually prefer to work with merchants that have strong financial standing. When an auto and home supply store merchant applies for a merchant account, then the payment processing company also request for additional documents. This may include the business license of the auto store, cancel cheque of the business bank account, utility bills that display the business location as well as the residence of the business owner.
Sometimes payment processing companies may also ask for the last year profit and loss statement. The purpose of asking for these documents is to understand whether the merchant is capable enough to handle the risk of chargeback. Financial Institutions also offer online payment gateway or online merchant account to merchants in the auto sales industry. Merchants who sell products that are inexpensive get a more significant possibility of finding a merchant account. Merchants who sell high ticket items are always considered high risk merchants and they may only get solutions through high risk merchant account providers. These high risk payment gateways are highly secure and can also offer 3D Sercure processing facility.
ACH Merchant Account for Auto & Home Supply Store
Auto and home supply stores across the United States use ach payment processing services. Merchants from across the United States, understand the benefits of ACH and an electronic check. Merchants can easily get payments by using the digital copy of the physical check.
Chargeback Reduction Merchant Account for Auto & Home Supply Store
To reduce the risk of chargebacks, businesses in the automotive sales industry and home supply industry should evaluate various options that include chargeback alerts services and chargeback notification service. With these services, merchants can reduce chargeback ratio to a huge extent.
To apply for a merchant account for your auto and home supply store business, make sure that you send a completed application to the payment processor. While you are filling the form make sure that the details that you are mentioning are accurate and are free from errors.
The payment processor will send you a list of required KYC document. We strongly recommend you to submit all the necessary KYC documents to the payment service provider. This will help the payment service provider to evaluate the application in a lower time frame, and it may help you in getting the merchant account in a faster time frame. Once you get a merchant account, you need to ensure that you follow the guidelines and the compliance requirements of your payment service provider. You should always ensure that you never cross the maximum ticket size that you have mentioned in the application form. You should also ensure that you do not pass the monthly sales volume that you have mentioned in the application form.
Abiding by simple guidelines of your payment processor can ensure a longer life of your merchant account. If you want more information about auto and home supply merchant account or ACH payment processing we request you to send an email on [email protected]. One of the representative of Quadrapay will be happy to evaluate your requirement and will suggest you reliable payment processor that can handle payment processing and credit card transactions for your business.