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How to prepare and apply for a merchant account with Realisto
Step 1: Precheck
There are many factors considered by banks and payment providers when deciding whether a business should be classified as high-risk. The primary concern is the reputation of the industry in which the business is operating, and its trading/processing history. For example, the online gambling industry is automatically considered as high-risk by acquiring banks due to track record of unregulated schemes. When there is the potential for clients to end up feeling dissatisfied with the product or service, or when volumes are higher, there is a higher chance of disputes. Theft of credit card details or other data is also a risk. The providers are at risk and thus impose stricter terms, or decline the merchant account opening.
Step 2: Application & Underwriting
Based on the pre-approval as outlined in the previous step, we can proceed with the actual application process with the banking partner or selected payments provider. In this stage you’ll be asked to provide your company documentation to prove your company’s existence, ownership and financial information. This information allows us to understand your activities and business structure and gives insight into any prior processing history. This helps us to estimate the possible risk factors. A typical application package is structured as follows:
Please fill out the Merchant Application Form. While filling out the application form, If you need any assistance we’re glad to help
Along with the application form you’ll be asked to provide a documentation pack for KYC (Know Your Customer) purposes and the underwriting process performed by the acquiring bank or payments provider. Please see below for the typical documents checklist. These need to be scanned in, however some particular acquiring banks may require hardcopies to be sent by post to their branch.
Every merchant accepting card payments through their website (as well as MOTO-only merchants) needs to present a website that is fully compliant with the Visa/MasterCard compliance guidelines. Please see below for the complete list of website requirements. Note that these will have to be fully completed before you can begin taking live payments, however if your website is still under construction and does not include all necessary items, you can still proceed with the Pre-check and Application stages. This is done by providing an access to your beta website where the underwriter can review the available basic information on your products/services.