Online Merchant Account Requirements
Online merchants fall into the high-risk category of businesses processing credit card payments and must meet specific standards before they can open a merchant account. They need to demonstrate to their acquiring bank (also called a merchant bank) that they are financially responsible and that their customers' account information will be well safeguarded. Listed below are some of the basic requirements that every eCommerce merchant will have to meet.
- Business and Personal Credit History. Acquiring banks will check the applicant merchant's financial history by reviewing their Dunn & Bradstreet credit file. They may also ask for the businesses' financial statements and tax returns. The businesses' principals may also be required to provide their tax returns and their credit files may also be reviewed.
- Business Profile. Merchants are required to provide a description of the products and services they offer, as well as copies of all relevant marketing materials. The product type helps acquiring banks estimate the business' risk type. Certain business types of products and services will put the applicant business on the restricted merchant list while others may place it in the prohibited list.
- Compliance with the Payment Card Industry (PCI) Data Security Standards (DSS). Compliance with the PCI DSS will ensure that customer account information is adequately protected.
- Site Inspection. The acquiring bank may conduct a meridia online inspection of the applicant business' offices and warehouses (when applicable). The merchant's billing, shipping and return policies will be reviewed to ensure that customers are not billed before the product is shipped. A representative of the merchant bank may also place and then return an order with the merchant, as an additional inspection step. In case fulfillment of orders is handled by a third party, information should be provided on this establishment as well and a site inspection will be conducted at its premises as well. The Internet Service Provider may also have its physical controls inspected.
www.unibulmerchantservices.com/Merchant Services
www.unibulmerchantservices.com/credit-card-merchant-processor/Card Merchant Processor
posted by biibj @ 11:16 AM
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