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Question 1. What is a merchant account?

A merchant account serves as an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.

Question 2. What are the requirements for a merchant account?

Must have a physcial location in the US. If outside US then you must use an offshore merchant account.
Application Requirements for all businesses:
  • Physical Location in the US.
  • Checking account with an American bank in the name of the business or the merchant account signer.
  • Explanation of business type (ie: LLC, Corporation, Sole Proprietorship, etc.).
  • Federal Tax ID Number (EIN).
  • Owner or Merchant Account signers SSN.
  • Owner or Merchant Account signers address information.
  • Product or Services LTD being sold information.
  • Exchange and Refund policies.
  • Intended method of accepting transactions (ie: swipe, internet, keyed, etc.).
  • General business location type (ie: Shopping Center, Home Based, etc.).
  • Copy of a voided check from merchants checking account.

Additional Requirements for some businesses:
  • Marketing material (ie: business card, brochure, advertisement, etc.).
  • State or Federal Business License.
  • Proof of business existence (ie: phone bill, utility bill, etc.).
  • Proof or financial stability (ie: profit and loss statements, bank statements, etc.).

Requirements for all internet businesses:
  • Active website with DBA of website listed on application.
  • Product delivery methods and timeframe clearly stated on website.
  • Product prices in US dollars.
  • Privacy Policy listed on website.
  • Customer Service telephone number listed.
  • Secure checkout system.
  • Domain name registered to merchant.