SALES: 888-902-6227 | SUPPORT: 888-902-6227      info@getvms.com

Small Business Insight

The Merchant Account Application Explained [infographic]

Merchant-Account-Application-explained.jpg

So you want to take credit cards at your business or you already accept them but you are looking to switch processors. That means you need to apply for a merchant account to do so. Before you jump into an agreement, though, it's good to know a little bit about the application and the process.

A lot of small business owners have applied for a merchant account before, but what goes on behind the curtain? It’s a bit complicated, so we created this post (and attached infographic) spell it out for you.

The Merchant Application Process

Although the infographic goes more in depth, here is a brief version of the process:

1. Business relationship is formed. Business owner is interested in getting an account.

2. Merchant Processing Agreement (MPA) is sent and signed.

3. MPA and information are sent to the underwriting department.

4. Account is either approved, denied, or pended based on several factors.

5. Account is opened, equipment is installed, and processing begins.

 

Merchant-Application-infographic_Velocity-Merchant-Services.png

  

Want it for yourself?

Download it here.

 

 

Ready to Accept Credit Cards at Your Business? Let our experts help you  identify your business needs and match you with the tools to be successful! Learn More