In today’s world, almost everyone possesses a bank account. This way, you receive the salary, pay online, and make bank transfers. But what if you’re an employer who needs something more than a regular bank account? A great option for every business person is a merchant bank account, which allows them to accept all online payments in different ways, usually by debit or credit card, but also through ach payments. Thanks to them, consumers’ funds go directly from their account to the merchant. What’s more, they are comparably cheaper to other forms of payment and easier to operate since they work automatically.
With a merchant bank account, you’re also more likely to increase your sales and manage your money better. But if you’re thinking of opening your first merchant account, then you need to follow some steps.
Underwriting process
Before setting any bank account, you need to gather all necessary documents, such as a valid government ID and the documentation of your current bank statements, to go through the underwriting process. You can always ask a professional merchant account provider for advice if you aren’t sure about something.
Setting a business bank account
To open your merchant bank account, you need to own a business one before. You can do that quickly online and then wait only for your employer identification number (EIN). Moreover, you’ll probably be required to have a business license so that the bank could validate your existence on the market.
A merchant bank account is profitable for many reasons. If you want to find out more about this account, take a look at the following infographic:
