Merchant Account Requirements in the United States
For merchants in the United States, we have listed the requirements of the account application that can help them to be ready with all sorts of documents that will help them to apply with correct documents while filling the merchant account application form:
All the merchants who are based in the U.S. they need to provide the general requirements that are listed below that will help the merchant to prove that she/he is a legal resident of the United States:
Registered business name in the U.S.: The merchant account applicant must be legally incorporated in the U.S. or at least merchant registered its business with the local governance that could give them “Doing Business As” name (DBA).
S. bank account: The merchant should have a running U.S bank account, in which the merchant will get the funds of their transfers deposited.
The physical address of the merchant: A merchant must have a physical presence that is an address of living or doing business that can be verified.
The above document will help a merchant to show their legal presence in the United States, if a merchant has the above necessary proofs, they can apply in the bank for a merchant account that can help them to collect payment through credit cards.
Now for filing the application for merchant account the documents will vary with the businesses risk volume, that is categorized with the dependence of these factors including nature of the business, monthly processing, previous processing experience, etc. Although, the basic things a merchant needs to fulfill while applying for the account is:
Application Form: The application form that will collect the basic information of the business and applicant. The information includes the physical address, Tax ID, average sales, bank account details, web address, phone number, etc. There is an advance pricing agreement that is regarding the pricing of the products.
Business license: The applicant’s business requires any kind of permit before being sold; the applicant needs to provide the appropriate license copy at the time of application.
Incorporation proofs: if the applicant claims that their business has the existence all over the world, then there is a requirement of providing/submitting the copy of
incorporation paperwork, that proves that business is illegible to collect payment from around the world.
Voided check
W-9 form
Personal guarantee
Other than the document, the businesses that are listed in higher risk categories need to provide these additional details about their business:
Business financial statements: Normally the details of last years of business transactions are required.
Personal financial statements: Again, the details of the last two years of personal account details.
Processing details: If the business has previously accepted the card payments, then at least of last three month of processing of payment details needs to be shared with the processor.
If you are looking for Merchant Account Services in USA. You're in the right place. Merchant Stronghold providing in low rate best Merchant Services in USA .
All the merchants who are based in the U.S. they need to provide the general requirements that are listed below that will help the merchant to prove that she/he is a legal resident of the United States:
Registered business name in the U.S.: The merchant account applicant must be legally incorporated in the U.S. or at least merchant registered its business with the local governance that could give them “Doing Business As” name (DBA).
S. bank account: The merchant should have a running U.S bank account, in which the merchant will get the funds of their transfers deposited.
The physical address of the merchant: A merchant must have a physical presence that is an address of living or doing business that can be verified.
The above document will help a merchant to show their legal presence in the United States, if a merchant has the above necessary proofs, they can apply in the bank for a merchant account that can help them to collect payment through credit cards.
Now for filing the application for merchant account the documents will vary with the businesses risk volume, that is categorized with the dependence of these factors including nature of the business, monthly processing, previous processing experience, etc. Although, the basic things a merchant needs to fulfill while applying for the account is:
Application Form: The application form that will collect the basic information of the business and applicant. The information includes the physical address, Tax ID, average sales, bank account details, web address, phone number, etc. There is an advance pricing agreement that is regarding the pricing of the products.
Business license: The applicant’s business requires any kind of permit before being sold; the applicant needs to provide the appropriate license copy at the time of application.
Incorporation proofs: if the applicant claims that their business has the existence all over the world, then there is a requirement of providing/submitting the copy of
incorporation paperwork, that proves that business is illegible to collect payment from around the world.
Voided check
W-9 form
Personal guarantee
Other than the document, the businesses that are listed in higher risk categories need to provide these additional details about their business:
Business financial statements: Normally the details of last years of business transactions are required.
Personal financial statements: Again, the details of the last two years of personal account details.
Processing details: If the business has previously accepted the card payments, then at least of last three month of processing of payment details needs to be shared with the processor.
If you are looking for Merchant Account Services in USA. You're in the right place. Merchant Stronghold providing in low rate best Merchant Services in USA .
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