- You will need to have an incorporated business or at least a DBA-registered sole proprietorship. You can obtain a Tax ID (which is free) for your corporation or sole proprietorship but it is not required by payment processing providers. If you don't have one, you will use your SSN as a substitute.
- A completed Merchant Application. You will need to enter your business and personal information, including SSN and to sign it. Please note that even if you have a Tax ID, you will still need to provide your SSN in the personal information section of the application.
- A personal guarantee. Small business merchant accounts providers ask for a personal guarantee as an additional insurance against potential losses.
- Financial statements. Unless you are a new business entity, you will have to provide your financial statements for the last three years.
- Tax returns. Small business owners are required to provide their tax returns for the last two years.
- A voided check. Credit card payment processing providers need your checking account information for funding purposes. This will be the account you will be getting your money deposited into.
- Business license. If your business requires some type of permit or certificate, you will need to provide it.
- Processing statements. If you are switching credit card processing providers, you will need to provide your payment processing services statements from the last 2 months.
Wednesday, June 13, 2012
UniBul is different from others as well). Yet, all merchant services credit card processing providers are registered with Visa and MasterCard and have to follow their regulations. There are certain requirements that are mandatory and I have listed them below.
Posted by mss at 10:08 PM