Essential Steps in Creating Business Bank Accounts
In today’s complicated world of business, one thing’s certain: the internet is key. If you’re selling something, then you should be on the internet. If you’re on the internet, you should safely and securely sell your products and services to your customers online.
Unfortunately, that’s where the simplicity ends. Choosing a payment gateway company that you can trust isn’t always straightforward. If you want your customers to make safe and secure purchases from your website, then you’ve got to do a little research to find a reliable company to process payments for your merchant account.
What is a Merchant Account?
In order to start selling your products and services online, you’ll need to consider opening a merchant account to accept money from customers over the internet. Merchant accounts allow businesses to accept credit and debit card payments online. They also protect the merchant and the consumer’s sensitive information from insecure transactions and credit card fraud.
Step One: Do Your Research
Once you’ve understood what is a merchant account, and before you open one, you’ll need to select a payment processing company that you’d like to work with. First, it’s essential that the company you choose is processing payments through a PCI compliant gateway, which will protect you and your customers’ accounts from online security attacks and privacy breaches.
There are many payment processing companies and you’ll need to do a bit of searching to find one that suits your needs. Make sure you understand the payment plans available and any hidden fees, payment penalties, or other charges and why they occur. Read carefully through the company’s T&C agreement, and ask to speak with a live representative to discuss any questions you have about their services.
Remember, you may have a different idea than the payment company about precisely what is a merchant account regarding the services offered. It’s crucial to understand and agree with a payment processing company’s terms before opening one. Go here for a side-by-side comparison of a few companies and their services.
Step Two: Apply for an Account
Once you’ve decided on a company that you trust, you can use their online form to apply for an account. Filling out the application is usually quick and easy, especially if you’ve gathered all the required information beforehand. Usually, companies require these forms of identification: your company’s social security number or employer identification number, business addresses, phone numbers, a description of your business, tax returns, bank account numbers, and previous bank statements. You will also be asked to show the website where your business transactions will take place. Make sure to use the live chat client if available, or to call customer support with any questions that you may have while filling out the form.
Step Three: Wait for Approval
Depending on the company, approval should take between one to seven business days. Approval will depend on the legitimacy of your business, your credit history, your company website and several other important factors.
Why Allied Wallet is the Best Choice for Payment Processing
Taking your company online is essential for your business, whether you’re selling locally or globally. As a respectable business, you simply cannot afford to risk exposing your company or your customers to potential online fraud. When it comes to secure, safe, and easy transactions online, Allied Wallet is the number one choice as your payment pathway for your business transactions. Allied Wallet defines what is a merchant account with its excellent customer support, first-rate security, and Level 1 PCI compliance. What’s more, getting approved is simple and easy, and setting up an account takes only 12 hours. To find more about Allied Wallet’s merchant account options, please visit https://www.alliedwallet.com/merchant-services/