answersLogoWhite

0


Best Answer

The requirements for acquiring a merchant account are basically the same, whether your business is a storefront operation or one that you run from your home. There are differences if you run an internet business, which I will discuss momentarily. Before opening any merchant account, the main requirements are that the applicant must be the principal owner of the business, the business must be located within the United States, you must have a Social Security number, and you must be at least 18 years of age. In order to make the process of opening a merchant account go smoothly, there are a few things that you may want to have in order beforehand: * A copy of a voided check from the bank account into which you would like your funds deposited * A copy of your driver

User Avatar

Wiki User

โˆ™ 2005-01-14 21:42:07
This answer is:
User Avatar
Study guides

Economics

27 cards

What happens when demand for a good increases but its supply decreases

What is one of the disadvantages of getting a government-sponsored mortgage

Which of these is an example of a fixed expense

Using a budget is a good way to what

โžก๏ธ
See all cards
2.5
โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…โ˜†โ˜…
2 Reviews

Add your answer:

Earn +20 pts
Q: What are the requirements that a merchant must meet to be able to accept credit cards whether it be in person or online or over the phone?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

How much does it cost a merchant to accept credit card transactions?

It costs a merchant between 2% and 5% to accept credit cards for purchases. The cost to the merchant varies depending on the type of card involved. A credit card transaction is a convenient way for a merchant to secure a sale but there is a price for it.


How do you get free Merchant account and Accept Credit Card?

There are several websites on the internet that offer free merchant account in order for you to accept credit card. You can make your research online and compare to find the best service.


What are some companies that allow merchants to accept credit cards?

There are many processing companies that make it possible for merchants to accept credit cards from consumers. The first thing a merchant must do is to find a merchant account specialist to create a merchant account and get started.


What is required for a merchant account setup?

There are many things that are required in order to apply for a merchant account setup. There are requirements like a good credit score and means of credit like a credit card.


How can one accept credit card payments on their websites?

Credit card payments can be accepted on websites by either creating a merchant account or using a third party merchant. A merchant account is opened through a bank. The most common third party merchant for credit cards is Paypal.


How can accept a payment by credit card?

To accept credit cards you will need what is called a merchant account. A merchant account is basically a relationship between you, the bank ans a merchant services company. There are 3 types of merchant accounts, Internet, Retail and wireless. Internet merchant accounts are obviously for internet stores. Retail merchant accounts are for business with a storefront were the customer pays you in person. Wireless merchant accounts are for business such as taxicabs, tradeshows, etc who process credit cards in person but not at a store or physical location.


What do you do if merchant has filed for bankruptcy after you have paid for a purchase with a credit card?

Nothing. You bought - and received - a product or service. You charged it, which means the merchant was paid by your credit card company. Your debt is now to the credit card company, and you owe it whether the merchant is in business or not.


What is the purpose of an eCommerce merchant account?

An eCommerce merchant account is a payment gateway for businesses doing transactions online, primarily using credit cards. The merchant account with the credit card company, such as Visa, is what allows the business to accept credit card payments online and have them processed.


What are internet merchant accounts?

An Internet Merchant Account is a type of credit card processing account specifically geared to accept web based transactions in real timeAn Internet Merchant Account is a type of credit card processing account specifically geared to accept web based transactions in real time


How can one set up a business to accept credit card payments?

In order for one's business to accept credit card payments, one needs to open up a merchant account. A merchant account can be setup either with a bank, PayPal, or an independent sales organization.


What are the credit requirements to open an internet merchant account?

Merchant accounts are often given to individuals with no or poor credit ratings. However, the longer that you are in business and as your monthly charge volume grows, your credit rating becomes more important, and it is then important to have a good credit rating.


Is There A Minimum Credit Score Required For The Approval Of Merchant Cash Advance?

No, there's no credit score requirement to get a merchant cash advance. Upon assessment of your provided information, you will get a lump sum amount for your small business needs whether you have bad credit or no credit.

People also asked