Internet Merchant Bank Account Requirements
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.
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Are you shopping for a better rate? Let us save you money!
Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
Why do businesses choose to work with The Transaction Group?
- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
- We offer a FREE rate analysis to every business. In most cases, we can save a business up to 25% on existing rates and fees. But if we can’t beat a customer’s rate, we’re upfront from the start. We don’t waste the customer’s time.
- We are reliable and always available. If a customer has any concerns, we’re available even after business hours. We’ll address any issues immediately.
- We don’t believe in one-size-fits-all.We provide solutions based on the specific requirements of each and every business. What’s best for one small business may not work for another.
- We have a fast & easy setup process. In most cases, we offer a fast and easy approval and set up. While some high risk businesses can have longer underwriting times, we keep the customer informed throughout the process and work for fast approvals.
- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.
