TWELVE TIPS TO GETTING AN INSTANT APPROVAL
ON YOUR MERCHANT ACCOUNT APPLICATION

 Our e-Commerce merchant account application takes just a few moments to complete.  If completed correctly, it can provide you with an approval in as little as 10 minutes. 

Some terms below and their definition:

MSP
Merchant Service Provider.  This is the bank that will be providing the merchant account.

PENDED 
This is the status of an application when it must be manually reviewed by the underwriting department.  When not auto-approved, the applications status is set to: Pended.

Here are some tips to help your application auto-approve.

    1.  WEBSITE

    Many applications are "pended" because applicants do not 
    enter information correctly.  On the application, if you state that you

    will be conducting business on the Internet, it is important to do 
    the following:

• MAKE SURE YOUR SITE IS LIVE!
  If your website is not live and accessible, you will not be approved.  The bank must be able to view your site and see products/services so that they know your business is legitimate.
  
• HAVE A REFUND POLICY ON YOUR SITE
  Visa/MasterCard REQUIRE a refund policy on all websites that is accessible by a cardholder BEFORE making their purchase.
  
• ENTER THE CORRECT URL (ADDRESS) OF YOUR WEBSITE
  Stating that you use a website, but not listing the URL is a sure way for your application to be pended.
  
• DOMAIN MUST BE REGISTERED TO THE APPLICANT
  Your domain name must be registered to You.  This is a new requirement under the Patriot Act, to combat fraud.  If you use a Private Registration, you should remove it until after your application has been arpproved as it withholds the domain name's ownership AND in some cases, reflects an address outside the U.S., another violation of the Patriot Act with regards to accepting credit cards. 

2.  SOCIAL SECURITY NUMBER/TAX ID NUMBER   

Make sure you enter your SSN or EIN correctly.  This is VERY

important.  If the number you enter is not correct, your

application will immediately be pended.

3.  HOME BASED BUSINESSES   

If your business is in your home, be sure to enter the same

information for home and business address.  DO NOT USE P.O.

BOXES.   ALWAYS PROVIDE YOUR PHYSICAL ADDRESS.

4.  SIC CODE - CATEGORY CODE   

You will be prompted to enter a SIC Code, a code that corresponds to

your business type.  If you skip this step, your application will likely

be pended. 

5.  BANKING INFORMATION   

A valid checking account is required for a merchant acct.  The MSP will

use that account to deposit your funds, and to debit their fees, as

applicable.  Make sure your banking information is correct.  Do not

use a deposit ticket to provide you with your account information, as

the numbers on most deposit tickets are NOT the same.

6.  DATE OF BIRTH   

Make sure your Date of Birth is correct.  Simple as that!

7.  BUSINESS OWNERSHIP 

Your business ownership % must equal 100% or your

application will placed on hold for review.

8.  AVERAGE MONTHLY LIMIT

This is a VERY important issue.  It's important that you enter

the correct Average Monthly limit.  This is how much you expect

to process in Visa/MC sales each month.  Be realistic with this

number and it is best to keep under $35,000.  If your business is just

starting up and you are not sure, be conservative.  You can always

contact your MSP and request an increase, if necessary.  Most small

businesses or startups enter between $3,500 and $15k for this

field.  What you enter here will become your monthly limit!

9.  AVERAGE SALE (TICKET) 

Your average sale is very important.  This is the average total of

most of your sales.  Be very careful not to enter $2500 when you

mean $25.00.  This will cause your application to placed on hold for

review.   Keep in mind, the higher your sale amount, the greater the

risk to the bank.  Keep it reasonable and accurate.  Average

sale/ticket over $200 will likely result in your application being

pended for review.  High average ticket amounts may result in you

being requested to provide invoices showing these amounts being

charged to other customers.

10. AVERAGE TICKET VS. MONTHLY VOLUME

Don't make your average sale and total monthly volume similar.  You

can't process $6,000 a month with a $3,000 average sale, unless you

only plan to process 2 sales a month.   There should be a good

spread between the two.  For example:  $5k monthly and $100 per

sale.

11. PROVIDE COMPLETE INFORMATION

The MSP does NOT know you.  When asked for your name, don't just

enter BOB.  Enter area codes with phone numbers.  Enter complete

and correct information.  If you don't, your application will likely be

pended.

DO NOT APPLY FOR THIS ACCOUNT IF:

1.  You don't have a "REAL" bank account.  For example, if you use META or Centennial Bank, don't apply.   If you can't get a bank account with a standard bank, you likely won't qualify for a merchant acct.

2.  You have an active bankruptcy or terrible credit.  Merchant Account approvals are based on Risk.  If you don't pay your bills on time, or have really bad credit, you would not be considered a good risk.

3. your business model is based around a "Get rich Quick" scheme.  If you are selling methods on cleaning up people's credit, don't bother applying.  

4. You know that you are on the Terminated Merchant File.  Even if your account is auto-approved, the bank will be notified within 72 hours and your account will be terminated immediately. Don't waste your time.

5. Your business is located OUTSIDE the U.S.

If you fall into any of the above categories, you should apply to a High Risk processor.   

BACK TO MERCHANT ACCT PAGE

12. PRODUCT/SERVICE OFFERED - BE CLEAR!

On your application, clearly and descriptively explain what product or

service you offer. 

ENTER This: "We sell tools, computers, and electronics, via our website."

    NOT This: "sell stuff" 

A merchant account application is an agreement between your

business and a Bank!  Dot your i's and cross your T's.  A

complete and thorough application will expedite you through the

application process.