Opening an online merchant account is not difficult. As a matter of fact it’s quite easy, but you will need to follow several steps in order to pull it off. The main step involved in opening an online merchant account is the proper filling of online merchant account application. Before that you have to fill out a merchant account pre-application. Usually, the information in this form is held securely, and no data is sent or stored in an unsecured way by the companies offering you the online merchant account.
This pre-application form is not very long. After the submission of this form, the company normally contacts you the next business day, clearly stating their response on account of your application. It’s up to their discretion to declare you as eligible for opening an online account, or rejecting your application. All this process is a free service given by the company concerned, and there is no cost or obligation attached with it.
Online merchant account pre-application consists of your business information: business name, business address, business phone/ fax, Website address and, most importantly, the type of business you are doing. There are a number of categories of business: sole proprietorship, partnership, corporation and merger. A merger is a combination of two or more firms into one firm. A merger may involve absorption or consolidation. In absorption, one firm acquires one or more other firms. In a consolidation, two or more firms combine to form a new entity.
A few necessary details, like business start date and the products you deal with, are also required for the online merchant account pre-application. Also you have to answer questions like: Do you currently process credit cards? They also ask about your anticipated cost per item or service, anticipated monthly card sales volumes, card present and swiped through a terminal, and Internet orders through a website.
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