When applying for a internet merchant account you will be required to send back support documents in addition to your merchant application/agreement.
One of these support documents will be proof that you have established a checking account for your internet business. The processor will use this account to deposit any sales generated through your internet merchant account, as well as to withdraw fees such as bank statement and online payment gateway fees.
Internet merchant bank account requirements:
If your internet business is set up as a sole proprietorship, you have the option of using a personal checking account or business checking account. If you use a personal checking account, the account must be in the name of the sole proprietor.
If your internet business is set up as a corporation, you will be required to set up a corporate checking account.
Most credit card processing companies will not accept a “starter check” from your bank; they will require a check that has your information printed on it. However, if you are in a rush and you do not have time to wait for your new checks to arrive, most processors will accept a letter from your bank. The bank letter must confirm the name on the account, routing and account numbers, and must be signed by a bank representative and typed on bank letterhead.
Michael L. Rupkalvis
The Transaction Group