A merchant account is like a bank account which allows the business owner to accept credit cards payments both in online and retail environment. The merchant account provides a payment gateway to customer to make payments for online purchases and make sure the payment is transferred into the account of the merchant.
Although a merchant account can be provided only by a bank but merchant account processors can sell via agents through a sponsoring bank. The agents can act on behalf of the processors for signing up merchants.
High Risk Merchant Accounts
There are certain businesses that have been entitled as high-risk by banks and financial institutions. Some online businesses which have return back policies, cash back offers, fixed delivery time etc are always under the risk and therefore most banks are unwilling to provide merchant account for such businesses.
But you donâ€™t worry if you are high-risk business, AMSLV has the right solutions for you. It doesnâ€™t matter to us whether you are a high-risk merchant or low risk, unless you have an exceedingly high chargeback, we can work to provide you the best merchant account solutions for your business.
Steps involved in securing a Merchant Account
Step1) Business License
The first step towards signing up for a merchant account is to have a business license even if you are a sole proprietor. After this process you can go to a local bank or a merchant account provider and open up a merchant account.
Step 2) Legitimacy
Legitimacy is the proof you need to show to the bank that you have a running business that can be a retail store or an e-commerce business which is selling products for which you need a merchant account.
Step 3) Other Formalities
Before providing you the merchant account the processor will be verifying what your business sells, the policies adopted for services and the need of Visa and MasterCard.
Step 4) Chargebacks
As a merchant you are usually permitted for only up to 1% of sales for chargebacks or disputes in charge. Having charges is obvious when you do a business but make sure they donâ€™t exceed so much that forces Visa and MasterCard to terminate your merchant account services.
Step 5) The Application Process
The application process involves detailed information about the business which is then forwarded to the bank for approval. Fortunately, if you apply for a merchant account with AMSLV then your application process would be completed in just a short span of time.
At AMSLV we provide customized solutions at best market price with making it possible for you to accept payments from your customers and increasing profits for your business.
We are available 24/7 to answer your queries and accept merchant account applications throughout the year.
You can call us at: 855-267-8472 OR email firstname.lastname@example.org