how to get a merchant account

Now Move to Dashboard and Get Your PhonePe Merchant QR code instantly. To get a merchant account, you need to prepare your website (as long as you run an online business). Now that you know what a merchant account is, let’s cover how to set up a merchant account for your business. Customer support. Make sure you think in the short-term and long-term. Merchant accounts on internet and PCI compliance Img source: tripwire.com. At the very least this includes a payment gateway; some online merchant account providers may offer you an option for a shopping cart or online store. A merchant account is a type of bank account which allows businesses to accept payment by credit and debit card. Be wary as some merchant account providers will also charge a cancellation fee in addition to the monthly fees they will lose for the length of the contract. This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness. But merchant accounts work differently depending on your risk and if you, like countless others, fall into the category of high risk, you are going to have to get through the approval process first. The key step to getting a merchant account is completing the application. Learn how transaction fees are calculated and get tips on negotiating the best merchant account agreement for your business. It’s best to know upfront about high fees than to get unexpected bad news after you sign the contract and receive your first statement. Most payment processors provide digital applications, but some may still have you print out an application and scan it with a wet signature. So a merchant account is an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions. Here is some of what you need to be thinking about: After finding the products and solutions that you’ll want for your business, you should go out and find merchant account providers that can offer both the rate you want and the products you need. What is a Merchant Account? Merchant Account Set Up An application process is to be expected regardless of your merchant account provider choice. Start with a Plan-: Before you start the actual process of setting up your merchant account, take some time to plan how you want credit card payments to … Simply put, a merchant account is a special type of bank account that allows your business to accept credit cards, debit cards, and any other form of electronic payment. {"smallUrl":"https:\/\/www.wikihow.com\/images\/thumb\/c\/c9\/Set-Up-a-Merchant-Account-Step-1.jpg\/v4-460px-Set-Up-a-Merchant-Account-Step-1.jpg","bigUrl":"\/images\/thumb\/c\/c9\/Set-Up-a-Merchant-Account-Step-1.jpg\/aid4990842-v4-728px-Set-Up-a-Merchant-Account-Step-1.jpg","smallWidth":460,"smallHeight":345,"bigWidth":"728","bigHeight":"546","licensing":"