If you’re looking to start accepting card payments from your customers, then you’ll need to open a merchant account. While the process may feel overwhelming at first, it’s achievable and our team are here to support you every step of the way.
Follow these 7 steps to open your account and get started!
- Register your Business
To open a merchant account, you’ll have to prove your business is legitimate. This will require you to have registered your business with Companies House.
- Open a business bank account
Once you have registered your business with Companies House, you’ll need a business bank account. This bank account is where your merchant account provider will deposit your transactional card sales and withdraw any fees agreed.
- Evaluate your needs
Before opening a merchant account, think about your business needs. For example, you’ll need to decide which cards you want to process. Will you accept AMEX, or just Mastercard and Visa?
You’ll need to consider how you want to accept card payments. Do you simply need an in-person solution for processing payments in your bricks-and-mortar store? Or do you need a solution that supports mobile payments and online payments? How will your customers pay you? Will you provide a customer payment portal where customers can pay off invoices?
Our team are experts in this field, we can help you map out exactly what your business will need, including both the short-term and the long-term.
- Merchant Provider Support
Now that you have an idea of what your business needs, our team can then help to complete the paperwork and start the process. As a merchant provider we feel these are some of the key features we offer that you need to expect as a customer.
PCI compliance and strong security
We have a responsibility to protect customers credit card information. As a PCI Compliant merchant account provider Smarter Payments offer strong security actively protecting our customers vulnerable data so they can transact with peace of mind.
Free in-house support
With all things technological there are ample opportunities for things to not always work. We know that If something goes wrong with your credit card processing, it’s no joke and that’s your profit at stake. Our team are always there we are UK based and if there is ever an issue a member of the team will be able to help you.
Next-day funding
We believe in our customers getting their money quick, efficiently. That is why at Smarter Payments we offer Free Next-day Funding.
Transparent pricing models
Processing Fees can be confusing and unfortunately, have given the industry a bad reputation. Our philosophy is about being transparent, clear and supportive with our customers. We explain all the costs surrounding your agreement and have No Hidden Fees…
Scalability
It is always important to keep the future in mind when opening a merchant account. Your business may be small or based in bricks and mortar now, but as we have seen with Covid -19, circumstances do change. Our team is always there to chat, support and help scale your business’s processing volume.
- Complete an application
Once you’ve decided to progress and have completed an introductory meeting. We will need to complete an application form. This may seem long winded, but these processes are in place to ensure your business is protected and secure.
The application will require detailed information about your business for example annual turnover, company registration…so please be prepared with all necessary documentation.
You’ll most likely need to provide:
Sole Trader
Bank Verification (no older then 3 months)
Two photos of the business inside and outside
Ltd Company
Bank Verification (no older then 3 months)
Two photos of the business inside and outside
Date of Birth and home address of all owners
Partnerships
Bank Verification (no older then 3 months)
Two photos of the business inside and outside
Date of Birth and home address of all owners
Proof of Partnership
Work from Home
Bank Verification (no older then 3 months)
Two photos of the business inside and outside
Date of Birth and home address of all owners
Business Utility Bill last three months (business name and address)
Companies House (annual return)
- Submit to be approved
Taking on a merchant account is a risk for both the account provider and the acquiring bank. The provider will therefore underwrite and assess your business before accepting you. They’re looking for red flags like high-risk businesses or industries, warning signs of fraud, or businesses that haven’t been operating for very long. If your business is established and has proven good standing for at least a few months to a year, you should make it through the underwriting process without any problems. However, new businesses may struggle to make it past the underwriting stage, as account providers and banks are less likely to accept the risk of a new business. - Get approved and start processing
Opening a merchant account can take anywhere from one business day to about a week. Once your business is approved, you can start accepting card payments from your customers right away.
Open a merchant account to grow your business
Card processing opens a whole new channel for merchants to bring in sales. Customers overwhelmingly prefer cards to cash, and digital payments are on the rise. With these seven steps, businesses can understand the key process of opening a merchant account and experience all the benefits of accepting card payments.
Get in touch with our team and we will be more than happy to guide you through the whole process.