Creating a credit card processing merchant account is in all business’ best interests. Customers do not always carry cash of course, and as a result small businesses and online sellers alike require merchant accounts to accept and receive credit card payments.
Getting a merchant account is quick and easy. Let’s begin by walking you through it step by step.
But first, let us quickly clarify what a merchant account really is.
What is a credit card merchant account?
A merchant account is a bank account that enables businesses to accept credit or debit card payments. The account is created by way of an agreement between a payment acceptor and your business bank account for the settlement of customer payment transactions. Simple enough!
Your business pays for Interchange Processing Fees as well as a litany of additional processor fees beyond that – which is where our service account can help. Businesses like yours that signup new or switch their traditional merchant services to us will typically see a substantial savings of around 30% or more! Sounds unbelievable, but the proof is in a simple (free) rate quote we provide you same-day.
1. Select credit card brands you’ll support
Which credit card brands are critical to your business? The answer depends on your customer demographics.
You may simply require Visa and MasterCard. But when your transactions originate in countries with their own unique credit card brands, you’ll need to ensure your bank is capable of accepting them.
We currently fully support the following partner banks:
Bank of America Merchant Services
Bank of Ozarks
First Interstate Bank
Valley National Bank
2. Gather all the business supporting documents
Next you’ll gather all your business documents for submission of a merchant account rate application. These documents include details of anticipated business activities you will conduct such as average transaction amount, a voided check for the business’ checking account, and previous year tax return.
3. Submit for a same-day approval account
Lastly after you’ve received your rate quote and are satisfied with the unbeatably low processing fee schedule you will fill out a formal application form. Upon submission of the application along with all the previously gathered documents, the underwriters will enable your account. Usually accounts are setup same business day and you may then immediately begin processing and accepting credit card payments online or with existing point of sale terminals. Any newly requested hardware POS terminal should arrive within one business day and will already be setup with your credentials.
Already have a merchant account but paying more than 2% on those transactions? You’re in the right place, most accounts across the board will realize significant savings and with zero downtime you have no reason not to request a quote today. With 24/7 support you will rest assured your business won’t trip when it’s most vulnerable and with Rapid Deposit you’ll get your money in minutes, not days. End-to-end encryption and data tokenization are standard, and your customers will love that you’ve opted to accept NFC payments including Apple Pay, Google Pay, WeChat Pay, Alipay and more. It’s all simple, and you’ll have your account same-day and any POS terminals you may request within one business day. Smart.