Whose Name the Merchant Account Go In

Accepting credit cards is a necessary part of any business today and a necessary part of accepting credit cards is to set up a merchant account. To get this account properly set up, you will have to make sure that you will provide whose name the merchant account goes in as part of the necessary information on your application submitted to the merchant account provider. For the most part, the information these companies will ask for is fairly standard, so prior to submitting your information it can save you time and energy if you know what you need.

What Information Do You Provide?

Having established a business plan for you company, you know that every business service requires certain information for you to get started. Having the proper information readily available will help you as you search for the best merchant account provider. When it comes to setting up a merchant account, here is the standard information that most companies will look for:

• All of the basic company information, including whose name the merchant account goes in and much more: company name, address, phone number, fax, and website information.
• Standard information for all officers, including: name, social security number, and contact information like that provided for the company.
• Bank account information for your business.
• TIN (Tax Identification Number)
• Type of business you are involved in.

Once you have all of this information, you can submit it to your merchant account provider and will receive a response in 48 hours. Though it may seem like this is basic, this is enough for them to get an idea of what type of merchant account you will need and provide an accurate quote.

What about Different Business Types when it comes to whose name does the merchant account go in?

When looking to set up a merchant account, some business owners run into confusion about the overall process. If they are involved in a partnership, corporation with a board, non-profit, etc. there can be some confusion as to who fills out the application. Should there be a primary owner or manager of the business, it should go under his or her name, but in most cases applicants should include information about whose name the merchant account goes in. In other words, an equal partnership should have both partners included.

On the other hand, a corporation would list all member of the corporation; if the board has specific ownership, they would be included.

No matter the type of business you are involved in, the process is relatively the same requiring whose name the merchant account goes in. If you are missing any of the information outlined above, it is important that you look at getting that necessary step taken care of prior to applying for a merchant account. Otherwise, you could be wasting time and prolonging the process of approval.

Preparing for the Setup

Another step you might want to take prior to applying for a merchant account and setting up whose name the merchant account goes in on the application is to do some research on high risk industries. Should you find that your company is classified as high risk, be prepared for higher fees and also know not to bother applying to a provider that will not deal with high risk. Additionally, keep any other considerations in mind as you wait for the answer to ensure that you get the best service possible when setting up your merchant accounts.

Furthermore, you may want to compare prices of different providers. For some merchant account providers, they will actually provide price comparison tools to help you through this process. Like any other business, merchant services can come at different levels of service and price, so it is important to find the best fit for your business and to get the best price available.

If you have any questions about merchant accounts or the steps you need to take for setting them up, please contact a representative today to get any information you need.