Is a company name a prerequisite for establishing a merchant account

A registered business is one of the prerequisites for a merchant account. This is however not strictly necessary, which would result in a rejected application. While not all vendors for the same set of requirements ask; Some would like some obvious reasons:

Not for personal use

A merchant account is definitely not for the personal use. Of course there should be a valid business legally operated before you a line of credit can be granted by the Bank.

Probability, authorisation

As far as possible, merchant account providers offer merchant account only for qualified and legitimate business enterprises with good credit ratings for security reasons. Also unregistered company may be granted, but would be categorized under high risk merchant accounts.

Fast approval time

A merchant account application, which has legally set-up and permits faster compared to which the provider has passed all the requirements get unregistered those. The most reputable companies have financial sheets show the financial strength of the company. Proven track record as a strong supporting document when applying for an account.

Pay fewer fees

Recognised companies registered by law, for at least a year or two of operation are low risk and stable company apply; Therefore, you pay less than high risk companies. New companies and illegally operating businesses companies are categorized as high risk, because they are vulnerable to bankruptcy more susceptible to fraud, delinquency, and even in compliance with.

Have a greater chance of an approved merchant account, you must have an established and operative business. Apart from a registered company, account providers require the following other requirements: last 3 months of statements, business phone number and website business license, tax returns for the last 2 years, valid ID (driver's license), reverse check, if any.

For more information about Merchant accounts, please go to: http://www.takecardstoday.com/

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Posted in: Account,Business,Establishing,Merchant,Prerequisite