1. What documentation is needed from me?
The basic requirements for an Internet merchant account are having a commercialWeb site and having a good credit rating, but what is exactly required to prove your good credit, and whose credit is being checked, the principal owner's or the business's itself?
2. How long is the application process?
Some banks promise they will have a response to your completed application in 48 hours. They can only make good on this promise if they have all the necessary documentation from you along with your application; otherwise, the process can take up to two weeks.
3. How experienced is the bank with Internet accounts?
Even though the Internet is making inroads into society, not all banks grant Internet merchant accounts, and not all of those that do have the same level of experience. The bank is going to be looking at you; you should do the same to them.
4. If I don' t already have a Web site, will the bank open my account?
You' ve already got a real-world business and are planning to open up shop on the Web. You want to get everything set so you can start taking orders.
5. What fees are involved?
Ask to see a complete schedule of fees for all services. Some banks even charge application fees for Internet merchant accounts,regardless of whether they approve your account or not. In addition to the setup fee that all banks charge and the per-transaction fees (which can vary greatly), there may be some hidden charges as well. Ask if there are extra fees for statements, wire transfers to standard merchant account with another bank, fees for using certain clearance services, or other add-on fees that may make the account more expensive than it first seems.
6. Will my Internet merchant account be compatible with the other elements of my online storefront?
One of the most common problems with merchant accounts is incompatibility with transaction clearing services, also called " commerce engines," and other elements of an online storefront. Shopping cart software, the clearing service, and merchant account must all be in sync. Don' t assume anything. Make sure to pick a merchant account provide rand a clearing service that are compatible with your software.
7. Can the bank help me reduce the risk of fraud?
Can the bank itself or any of its partners provide you with some means of reducing the risks inherent in taking credit cards over the Internet? |
