What Is Needed To Get A Credit Card Merchant Account – KYC And Website Compliance
To be competitive in the global market merchants require credit card processing solutions. To accept Credit Card transactions, Merchant must have a merchant account and a Payment Gateway. Let ‘s quickly understand what is needed to get a merchant account.
To accept credit card transactions, you must have a registered business. The payment processing company will ask for the details of your business that includes the business license, DBA, and details of the shareholders.
Your company must have a valid business license. The company must be active in the government records of the country where the merchant is registered. Your company must be legal and should not be the part of any of the prohibited industries. Merchant account acquirers may consider offering Credit Card processing solution to few high risk Industries, but they will not onboard merchants from prohibited industries. You can request the Acquiring bank or PSP for a detailed list of prohibited industries. Most of the time this list is visible on the business website of the payment service provider or Acquirer.
For the settlement purpose, the acquirer will need the details of your business bank account. For your information, most of the time’s merchant accounts are only available for businesses. Sometimes sole proprietors can also get a merchant account. The payment processing company transfers the funds to merchants business account after few days of the transaction. This is done to reduce the credit risk and also to effectively manage the fund’s reconciliation.
Your website should have clear details about the pricing and specification of each product. Your merchant account provider will also ask you to display the logo of various card brands that you wish to accept. For your website to be connected with the API of the payment processing company you will have to install an SSL certificate on your web server. SSL certificate helps in ensuring confidentiality and encryption of the transaction information.
To accept online ach payment processing on your website you should comply with the above stated recommendations. ACH is an effective way of reducing the over all processing cost. If you want to accept transactions in person, then you will also need an EDC machine or a point of sales terminal. With this terminal, you can swipe the credit card for transaction processing. This kind of transaction is known as card present transaction
For more updates about credit card processing and merchant account services, you can visit Quadrapay website. You can also ask questions by sending a brief email to [email protected]