There are many questions in the mind of the people who are planning to provide gateway for credit card payment. They have many questions related with merchant account which manage the issue of card payment. Even they are confused where to apply for merchant account. This article will informs you many facts related with merchant account to let you install payment gateway soon for your business.
Q. Where to apply for opening merchant account?
A. One can apply for merchant accounts in banks that have association with Visa, Mastercard or like networks. One can also apply with credit card issuer. There are many individual groups that provide facilities for opening merchant accounts.
Q. What are the needed documents for opening account?
A. You will need to present duly filled application form, financial statement, payment gateway detail, business documentation and some other documents to open an account for your business.
Q. In what kind of business one can apply for merchant account?
A. one can open account for any types of business whether offline or online. One can open account for both static and mobile businesses.
Q. Does the business need to be registered to open an account for credit card payment?
A. No, you do not need anything to present to open an account from individual account provider. But to get an account from bank you will need to present the trade name registration to open account.
Q. Does a bank account needed for opening credit account?
A. Yes, you need a bank account for opening a credit account. If you have a corporation then you will need a business checking account. Otherwise for small business then you can use your personal checking account or business checking account.
Q. How can one get money from the merchant account?
A. Your money will be deposited in your checking business account. The amount will be credited in your account within two working days. The money is paid by the issuer of the merchant bank. It is the duty of the merchant bank to collect the money from the creditor in stipulated due timing.
