Using a merchant account, a business owner can accept credit cards in any retail environment, including the Internet. To apply for a Merchant Account, all you must do is first submit your info to the Merchant Account Provider you want to work with. To sign up, you will need:
- Business Contact Information (mailing address, website URL, phone, and fax numbers)
- Ownership Information (owner names, addresses, phone numbers, social security numbers)
- Business Federal Tax ID Number (or Employer ID number, if any)
- Business Bank Account Information (account number, voided check, bank name, address, phone number)
- Two Business Trade References (name of company, contact person, phone number)
- Nonprofit Organizations: IRS 501(c) Exemption Letter (If applicable)
- Copy of Professional License (if applicable)
- Current Merchant Account Processing Statements for the Last Three Months (if applicable)
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What is a merchant account?A merchant account is a special account that allows your business to accept payments by debit or credit cards and electronic payments through a Web site. You must have a merchant account if you want to be able to accept credit cards from your customers.
What is a payment gateway?A payment gateway is the link between your business merchant account and the customer's credit card. A payment gateway is an e-commerce application service provider, it is the equivalent of a physical point of sale terminal.
