REQUIREMENTS OF MERCHANTS ACCOUNT FOR REGISTER BUSINESS NAME IN U.S.

Posted by Apoorv Joshi on March 7th, 2018

In this rapidly transforming world, where businesses are regularly changing their process of dealing with customers. With the development in processes, the businesses now have started accepting the payments through credit cards. Although, of all the business process up-gradation with the help of technology, that ease the maintenance of business, accepting card payments is one of the step that makes easier for customers to pay directly through their account.

All the merchants who are based in U.S. they need to provide the general requirements that are listed below that will help merchant to prove that she/he is a legal resident of United States:

Registered business name in U.S.: The merchant account applicant must be legally incorporated in the U.S. or at least merchant registered its business with the local governance that could give them “Doing Business As” name (DBA).

S. bank account: The merchant should have a running U.S bank account, in which the merchant will get the funds of their transfers deposited.

Physical address of merchant: A merchant must have a physical presence that is an address of living or doing business that can be verified.

Now for filing the application for merchant account the documents will vary with the businesses risk volume, that is categorize with the dependence of these factors including nature of business, monthly processing, previous processing experience, etc. Although, the basic things a merchant needs to fulfill while applying for the account is:

Application Form: The application form that will collect the basic information of the business and applicant. The information include physical address, Tax ID, average sales, bank account details, web address, phone number, etc. There is an advance pricing agreement that is regarding the pricing of the products.

Business license: The applicant’s business requires any kind of permit before being sold; the applicant needs to provide the appropriate license copy at the time of application.

Incorporation proofs: if the applicant claims that their business have the existence in all over the world, then there is a requirement of providing/submitting the copy of incorporation paperwork, that proves that business is illegible to collect payment from around the world.

Other than the document, the businesses that are listed in higher risk categories, needs to provide these addition details about their business:

Business financial statements: Normally the details of last years of business transactions are required.

Personal financial statements: Again the details of last two years of personal account details.

Processing details: If the business has previously accepted the card payments, then at least of last three month of processing of payment details needs to be share with the processer.

Author Section: This article is written by Apoorv Joshi knowledge for chargebacks and how to fight or reduce chargebacks. Chargeback Expertz is a Detailed Risk Management Company helping Retail and Online Merchants. Chargeback Expertz’s system is designed to defend the eCommerce Business against all types of Fraud and Threats