The information required on a merchant account application may vary from provider to provider. Most merchant account providers seek general information about the applicant, such as his address and contact information. Often, merchant account providers request information about the applicant’s business as well, such as how long the business has been operating and the types of goods or services it sells. A merchant account application may also request specific identifying information, such as an applicant’s driver’s license numbers or a tax number. All of this information is usually needed to check the applicant's credit and learn important details about the status of the business.
Before an applicant can obtain a merchant account, he typically needs to complete a merchant account application. The questions included on such an application may depend on the provider in question. Some initial applications are lengthy and require a lot of information; others may be rather short and only ask for the applicant's contact information as well as brief information about the type of business he runs. Generally, an applicant will have to provide a good deal of information in order to gain merchant account approval. Some companies may require less information at the outset, however, because they intend to ask for more after an initial screening process.
Most merchant account providers request details about the business owner on a merchant account application. In most cases, the merchant account provider will need the full name and birth date of the applicant. This type of application usually has blanks in which the applicant will provide his home address and contact information. It may also ask the applicant to note the best times for contacting him to discuss the application or account setup process. Additionally, a merchant account application may request tax ID numbers or similar identifying numbers in order to perform a credit check.
A merchant account application usually requires information about the business in question as well. For example, an applicant usually has to provide the legal name of the business as well as its legal address. He may also need to state when the business was started and how its customers purchase from it. A business may, for example, sell all of its products online or through a store or do a large volume of sales by phone or via the mail. Likewise, a merchant account application may also ask what type of services and products a business provides; some providers won't work with companies that sell adult products or services or companies they believe will have a high volume of forced credit card refunds.