How to Prepare for an E-Commerce Merchant Account
Suppose you’re setting up an e-commerce merchant account. In that case, gathering all the necessary documentation is critical to getting your application processed quickly, allowing you to start accepting payments with the excellent services provided by Nationwide Payment Systems. Requirements may vary, but here are some essential documents you will need:
APPLICATION FORM
You’ll need to fill out a merchant account application form. With e-commerce payment processing being the norm, Nationwide Payment Systems typically provides you with a pre-application link that you fill out. Once that is reviewed, we will contact you to request additional information if required.
COMPANY INFORMATION
Every merchant must provide basic business information to establish legitimacy and compliance with relevant laws. This allows Nationwide Payment Systems to ensure we report your income correctly when we issue your 1099K at the end of the year.
- Business Corporate Documents demonstrate that your business is registered with the Secretary of State Division of Corporations.
- Taxpayer Identification Number (TIN/EIN): Required to track tax payments and file annual tax returns. (IRS SS4 Letter)
- Proof of Business Address: This could be a rental/lease contract or utility bill to confirm your business’s physical presence. Business licenses depending on your business type. You might need a picture of the front of the company and or inventory. It depends on whether we can confirm the business on Google or not. We accept home based businesses, you can’t use a “mailbox” as a business address.
- Signer: One designated individual will be the primary signatory. They must provide a government-issued ID to verify their identity, ensuring only authorized personnel can alter the account.
CONTACT DETAILS
Provide comprehensive contact information, including:
- Phone Numbers: Both landline and mobile for business and personal.
- Email Address: For correspondence.
- Drivers License : For identity verification
E-COMMERCE WEBSITE URL
During underwriting, Nationwide Payment Systems will review your e-commerce website to ensure it is secure, user-friendly, and meets customer service standards. We can provide you with the required list of policies your site must have posted. Based on the busiess type there are different types of compliance issues that we get you to do before we get your account processed.
BUSINESS INFORMATION
In addition to standard documentation, most providers, including Nationwide Payment Systems, will want to know your industry, business model, and competitive edge. New businesses may need to supply a business plan.
FINANCIAL INFORMATION
You might be asked for detailed financial statements to prove sufficient capital and turnover. This information is crucial for negotiating lower transaction fees.
- Business Bank Account Details: Needed to deposit cleared payments. Voided Check and Bank Statements may be required.
- Financial Statements: Recent documents showing income, capital, turnover, and profitability are required. This may include bank statements, balance sheets, and income statements. Depending on the monthly volume requested.
Some providers may also check your credit history, for which you need to provide authorization.
PCI COMPLIANCE
Every e-commerce business must comply with PCI data security standards to secure customer payments. Nationwide Payment Systems will set up your business with a PCI-compliant payment gateway for your website, and you will have to complete a PCI Self Assessment Questionnaire.
ADDITIONAL DOCUMENTATION
Suppose your business is considered high-risk or is new. In that case, you might need additional documentation to help Nationwide Payment Systems assess risk:
- New Businesses: You may need to provide a business plan, financial forecasts, payment processing history, marketing materials, and current business contracts.
- High Chargeback Ratio: If you have a high rate of chargebacks, you should provide explanations and evidence of control measures.
- High-Risk Industries: Businesses in high-risk sectors may need to provide extra documents to negotiate lower fees or waive rolling reserve requirements. High-risk industries, content creator sites, marketplaces, adult, CBD/Hemp, Vape, Cigar, and Nutra are just a few of the most popular categories.
PREPARATION = FASTER APPROVAL
By preparing all necessary documentation in advance, you can ensure a quick and streamlined approval process with Nationwide Payment Systems, allowing you to start accepting credit card payments on your e-commerce website and expanding your business quickly.
Ready to find out more? Set up an appointment with business development.
