Accepting Credit Cards
Credit and Debit Cards

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?


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Wiki User
2005-01-14 21:42:07
2005-01-14 21:42:07

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


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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.

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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.

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First off, you should set up a merchant account. This can be done with your local bank and will establish you, the business owner, as a verified merchant who can accept credit cards. With a merchant account, you'll also have to pay a transaction fee for every card you accept.

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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.

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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.

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