Are you aware of the standard Merchant Account Requirements? Without a Merchant Account, your business will be unable to accept any payments from credit or debit cards.
Merchant Account Requirements – What You Need To Know
The ability to accept credit cards is vital for any business – particularly if you are planning on providing products or services online. In order to be able to offer credit card payment methods to your customers, you’ll have to deal with a merchant account provider. These companies can help you set-up credit card processing for your business so that you never have to miss sales from no-cash shoppers.
However, it is important to realize that there are some necessary requirements that you should be able to meet to be approved by a merchant account provider. Please, read on to learn more.
Maintain an online presence.
Your business needs to have a website for you to match the requirements of merchant account providers. Think of it as a way to demonstrate the legitimacy and reputability of your business and to provide important information to your customers and partners.
Proof of quality products/services.
Merchant account providers want to know what you offer before to ensure that your products or services can generate demand and provide value to the consumers. Merchant account providers will also look into what businesses sell to steer clear of frauds and scams.
Terms and Conditions + Compensation plan
Your website should always display precise terms and conditions, as well as a compensation plan. The former will further clarify your policies towards customers and partners (such as distributors), while the latter will ensure them that you have a plan to reward the institutions you team up with, even without requiring the purchase of products/services. Multi-Level Marketing services can help you create outstanding compensation pants and T&C, carefully considering the clarity of the content. If expressed in overly technical terms, your conditions might not be appealing or convincing enough.
Cancellations and Refunds
It’s essential to have a clear cancellation policy in relation to your partners and distributors, as well as solid refund policies for your clients.
Policies and Procedures
Your business policies are particularly important, and you should display them on your website. Merchant account providers will also consider your P&P
Privacy and Data Security
Privacy is extremely relevant to merchant account providers: they’ll want to know how you handle customer data – what you are planning on doing with the information you gather from your consumers. Given the sensibility of credit card data and personal information you’ll be collecting through your business, reputable merchant account providers value strong privacy policies and customer protection.
For similar reasons, a merchant account provider is also going to ensure you serve your customers with appropriate safety precaution for their information. Your website should have SSL and other industry-standard protections.
Most merchant account providers are weary annual fees, as it means that they will be liable for 12 to 18 months.
Communication and Spam
Your communication ethics are almost as important as your privacy policies. Spam (unsolicited aggressive advertisement of your services through the web or other means) is often frowned upon and associated with fraudulent activities.
- In your merchant account application, be clear you operate a network marketing company.
- To safeguard your business, get 3 or 4 merchant accounts.
- Impose on your distributors the need to minimize refunds and charge-backs to your merchant bank account.
If you got value out of this, share it with your business associates and partners. Contact us if you need some further advice about Merchant Accounts.
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