Merchant account usage is on the rise. As more consumers prefer to use credit cards and debit cards for their purchases, business owners should have the ability to accept electronic payments. Valued Merchant Services offers insight toward the time that it takes to set up a merchant account.
About Merchant Accounts
Small business owners may believe that a traditional bank account is suitable for daily credit card acceptance. However, a merchant account is a specialized account that is used to process payments for credit cards and debit cards.
As cleared funds are deposited into the account, a business owner can access the money as needed.
Having a merchant account saves a business owner time and provides a secured method for processing credit card and debit card payments that are made in-store or online.
Getting Started With a Merchant Account
Speaking with a representative from a merchant processing company is a great way to get the process started toward obtaining a merchant account.
Knowledgeable account representatives can consult with business owners to ensure that the ideal merchant processing equipment and software are compatible with the company’s needs.
Initial Review for A Merchant Account
An application for a new merchant account must be completed. To remain compliant with credit card processing standards, a merchant processing company will complete a background check on the company and its owners.
The company and each owner will undergo a background check and a credit check.
To help prevent unethical operators from obtaining a legitimate way to process credit cards and debit cards, the screening services are conducted to fight fraud.
Therefore, applicants with any previous credit card fraud or poor credit management may be denied for a merchant processing account.
A company’s sales activity might also be scrutinized for the type of transactions that will be processed.
Applying for a Merchant Processing Account
Business owners can quickly apply for a merchant processing account. However, the decision time frame to approve or to deny an applicant will vary.
When a business owner provides a thoroughly completed application for a merchant account, a decision could be received within two or three business days.
For optimal security and fast processing services, a business owner should work with a reliable merchant processing company that also has a fantastic reputation.
Valued Merchant Services has great credit card processing rates and stellar customer reviews.
Contact us today about affordable credit cards processing services and secured debit card processing.