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.
Here are some tips to help your application auto-approve.
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.
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.
BANKING INFORMATION
A valid checking account is required for a merchant acct. The
Merchant Service Provider (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.
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!
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.
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.
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.
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.
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.
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.
6. Your business provides Debt Counseling, Debt Consolidation, Debt ANYTHING!, Short Sales, Gaming, Pyramid or MLM's, Tobacco, loans, collection agencies, lottery, etc.
If you fall into any of the above categories, you should apply to a
High Risk processor.
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