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The Merchant Account Application Explained

September 11, 2015

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

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Velocity Merchant Services

3051 Oak Grove Rd. 2nd Floor
Downers Grove, IL 60515
Phone: 888-902-6227
Fax: 888-902-6229
info@getvms.com

Velocity Merchant Services (VMS) is a registered ISO of Deutsche Bank Trust Company Americas. The Clover® trademark and logo are owned by Clover® Network, Inc., a First Data company. EMV® is a registered trademark in the U.S. and in other countries, owned by EMVCo, LLC. Apple Pay®, Apple, the Apple logo, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. All other trademarks, service marks and trade names referenced in this material are the property of their respective owners.

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