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Checklist: applying for a merchant account

Banks that offer merchant accounts for accepting card payments have strict requirements. They will want to see:

  • your business plan - including details of your cash flow and how you'll promote your online activities
  • your website address
  • details of your product or service
  • your suppliers' details
  • how you will deliver your product or service and your terms and conditions for online trading
  • your expected average online transaction values and your estimated turnover from online sales
  • details of the secure server you'll use
  • your audited business accounts
  • your bank details and authority to carry out a check with credit reference agencies
  • your trading history
  • details of the directors or partners in the business - including full contact details

You should have these details ready before you start the search for a new account.