Merchant Basics
For businesses that are just opening its doors or which have recently decided to accept credit and debit cards and other forms of electronic payment, there are a number of things you will want to know before starting the merchant application process.
1 Determine your business classification type. The credit card associations (ex. Visa and MasterCard) need to know whether are going to accept most of your card charges via:
- Swiped card through a terminal
- Via mail order or over the telephone (called MOTO) or
- Via the internet / e-commerce transactions
The concern is about risk and the security of the transaction.
2 - Contact a service provider like MerchantWorthy.com™ and provide basic Business Profile information. For an example see the form on our Apply Now! page.
3 - If it is MerchantWorthy.com™, we will help you to complete the form which should take only a few minutes. The application can look a bit overwhelming but well make it simple to complete.
4 - Make sure that you have your banking relationship in place. It is critical that your business have a valid bank account and it will be necessary to provide a voided check to substantiate your Bank Routing # (commonly called the ABA #) and your Merchant Bank Account #. For companies just launching, a memo on bank letterhead stating the above information is sufficient for the initial application.
5 - Once the application and review process is complete, MerchantWorthy.com™ will confirm your rates and all Schedule of Fees in a Guaranteed Rate Quote. We will email or fax the guaranteed rate quote to you within 24 hours of receipt of your application.
6 - You then carefully review all the information for accuracy, call us with any questions and then sign and return the executed application to us.
7 - Within 12-24 hours, you should have your approved merchant status and be ready to start the conversion process. In a small number of instances, the merchant may be notified to provide additional information prior to approval. In less than 1% of cases, the merchant application will be rejected.
8 - Once your business is approved, your equipment (whether a terminal and/or payment gateway) will be tested and you'll be ready to accept and process credit cards.