How to get approved for a merchant account

Electronic payments and credit card processing are essential to any online business, and merchant accounts are a key component of online transactions.

If you're looking to start processing payments through your website, you'll need a merchant account. Applying for a merchant account can seem like a daunting task. However, by following these simple steps, you can increase your chances of approval. In this blog post, we will go over the documents you need to provide for underwriting, as well as the credit check that will be performed. We'll also discuss the importance of a personal cover letter to your application. Keep reading for more information on how to get approved for a merchant account!

Get your documents and financial statements in order

First, gather all the required documentation. This includes business information such as your organization's name and DBA, contact information, length of time in business, and tax ID number. You will also need to provide three months of financial statements and business bank account and routing numbers. These are needed for the underwriting process. Underwriting is the process of approving or denying a merchant account application, and is based on several factors, including the applicant's personal and business credit history, the length of time in business, and the type of business.

Highlight past success with credit card processing

If you have any previous experience with credit card processing, be sure to include information about that company. This will show that you are a reliable customer.

Add a personal touch

Next, write a personal cover letter explaining what your business does and why it deserves a merchant account. This is your chance to sell yourself and your business! Be sure to highlight any successes or positive relationships you have had in the past.

Turn it all in ... and wait

Finally, submit all of the required documentation to the merchant account provider. They will likely perform a credit check on both you and your business. If everything looks good, you should be approved for an account! By following these steps, you can increase your chances of success.

In a sea of choices, where do you start?

There are a lot of different merchant account providers out there; how do you know which one is right for you? To help get you started, we created Merchant Account Comparison so you can easily compare features, fee structures and see what others are saying in reviews. Find the best fit for your business with our free merchant account comparison tool today!