Sunday, July 8, 2012

Merchant Account Qualifications

There are certain requirements that applicants for US-based merchant accounts have to comply with. It is the responsibility of merchant account providers to ensure that all applicants:
  • Are legally registered within the US. Applicants for merchant services have to be either incorporated as businesses within the state that they reside in or they have to be registered with the local municipality and obtain a "Doing Business As" (DBA) name. Individuals are not allowed to establish merchant account processing services. Foreign establishments are also excluded from obtaining US-based payment processing accounts.
  • Have a physical address and a registered agent within the USA. Applicants for US merchant services need to provide available a contact person within the US and a physical office for the merchant processing bank to inspect.
  • Have a bank account with a US bank. The bank account into which the merchant will have his or her funds deposited must be opened with a US bank.
Only if the applicant complies with the above requirements, the merchant account processor will proceed with the application.

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