Set Up A Merchant Account- How to Get a Merchant Account

Uncategorized 9.8.2012 Comments Off on Set Up A Merchant Account- How to Get a Merchant Account

Article by Todd Nelson

Set Up A Merchant Account- How to Get a Merchant Account – Business

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This article is about how to setup a merchant account. Simply put, a merchant account enables you to accept funds from internet transactions and holds those funds on your name in a given financial institution. You can transfer the money from your merchant account to just about any bank account in the world via bank wire. Here is how the whole process works. The merchant account provider will supply with a web address at which you will get access to a virtual payment terminal where you will enter the number of your client’s credit card, expiration date and CVV. First, the card is checked for authenticity. If it passes the test, depending on how the merchant account is setup, the credit card is either instantly charged or a placeholder is logged with the actual charge occurring later. It can be done at the end of the business day when the merchant sends a batch of receipts through their merchant account, which in turn finalizes the transaction on your personal account. In order to setup a merchant account, you must first choose a service provider, which can be your local bank or you can search the internet and sign up online. The first part is the application process which determines whether or not you are approved to become a merchant. It depends on your credit history, type of business, how long you have been in business and other factors. During the application process, you will be asked to enter information regarding your business. Usually, the things that are required are Business Info, Authorized Contacts (List all authorized contact names for your account), Email Contacts (Billing, Technical, Funding), Business Banking Info. Next step is to enter the Merchant Account Application Details (Business Type, Average Sales Amount, Projected Monthly Sales), Principle Owner #1, Principle Owner #2, Trade Reference #1, Trade Reference #2, Trade Reference #2 (Company Name, Phone), Bankruptcy Declaration. Once you have the merchant account setup with a given provider, you are ready to move to the next stage which is all about security. When you charge your customers, as mentioned it will happen in a web-page. So if you have a shopping cart software with different types of products that you are selling, all those pages must be encrypted by installing an SSL certificate. Verisign is the leading SSL provider. Here is how they define SSL: “An SSL Certificate consists of a public key and a private key. The public key is used to encrypt information and the private key is used to decipher it. When a browser points to a secured domain, a secure sockets layer handshake authenticates the server and the client and establishes an encryption method and a unique session key. They can begin a secure session that guarantees message privacy and message integrity.” Your hosting company can set up SSL service for you, as can your ISP.

About the Author

This article was written by Todd Nelson, Marketing Specialist for Capital Merchant Solutions, Inc.Get more information regarding merchant account.

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Todd Nelson

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