How to Acquire an Online Merchant Account

Learn the steps every business owner will need to take to get a merchant account online.

Online payment processing is a necessity if you want to run an eCommerce operation where you sell products online. You can opt for an easy solution like Pay Pal, but as you expand you’ll find that your options are rather limited. Everything from placing holds on money for refunds and disputes to the time it takes to transfer money you’ve made can cause you to think twice about the easy way.

If you’re looking to acquire an online merchant account, this guide will help give you all the information you need to get started.

First Step: Credit Rating

The best rates and pricing tends to go to the lowest risk merchants. If your credit rating is less than stellar, or you have just started your business, it may be difficult to find competitive rates on an account. There are several things you can do to fix your credit, such as paying bills on time or establishing credit elsewhere, but a positive credit rating is a must.

If you’ve ever used previous card services, this is a good time to bring that up.

Step Two: Lock in a Deal

Most new merchants are going to need to pay higher fees to acquire a merchant account that will fit their needs. Shop around for a processing service that fits your needs, offering you solid security and reasonable accommodations. Make sure your money will arrive within a reasonable amount of time, ask about holds and refunds, and be sure to inquire about fees you’ll incur along the way. Once you’re satisfied with the terms, lock in the deal.