Small Business Merchant Accounts

I have a small business. Is there such thing as small business merchant accounts?

Yes! It used to be an unfortunate fact that many providers of merchant accounts applied heavy restrictions on who could or couldn't apply for a merchant account. One of those restrictions included business industry, business size, and business earnings. These days, merchant providers have smartened up, and realize that small businesses have just as much potential for high earnings as their larger counterparts do. Small business merchant accounts are very easy to apply for and be approved for nowadays. They are just as secure and beneficial as larger merchant accounts, while not scrimping on any features or benefits, or costing small businesses any more.

What features do small business merchant accounts offer?

Small business merchant accounts have the same features as standard merchant accounts. After all, small business merchant accounts work in the same manner as other merchant accounts do! The only difference is that small business merchant accounts are geared towards small businesses. This means that they may be slightly cheaper, and have different terms in the contract and guidelines. Otherwise, you can expect all of the features, benefits and services that you would receive with any other type of merchant account. This includes the ability to process credit card transactions at any time of day or night, being able to check credit cards for name and address verification, receiving funds in just a few days, and being protected against fraud and chargebacks.

What do I need to apply for small business merchant accounts?

First and foremost, you will need information about your business to apply for small business merchant accounts. You will need the name, mailing address, physical location and phone number for your business, and if applicable, a photo of the location of your business. You will need to provide statements showing the last few months of earnings, as well as a letter from your bank detailing your business checking account and its available funds, as well as some history statements. You will also need to provide details about yourself, or the business owner and operator. Finally, you will need to provide an application fee, and if necessary, a security deposit. There may be some other documentation and information for you to provide; you may check with the merchant account provider to find out just what those will be.

How long must I wait before being approved for small business merchant accounts?

The industry standard for approving small business merchant accounts is seven to ten days, but you should be realistic and give a little more time for set up - about two weeks. There are variables that can change the processing time for small business merchant accounts, including weekends, holidays, bank holidays, paperwork errors, and even human errors.