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New Business Lowest Merchant Rates
If you have a new business or are looking for a better discount rate for your existing company, you may be wondering what the steps are to setting up a merchant account. At Advantage Processors, we do everything we can to make the process as simple and user-friendly as possible. The first step, of course, is contacting us to request a quote. From there, we can determine exactly what you need, be it internet merchant services, online shopping carts, retail card swipe processing with or without an equipment lease, a high risk account, or another service tailored to your operations. Our representatives will work with you to get you the best deal on what you need to successfully accept Visa, Mastercard, and other forms of credit. Once you begin the application process, there are several documents that you will need to provide so that we have adequate information about your corporation. In addition to your application and signed Cardholder Electronic Data Storage Compliance agreement, we will also collect:
- A personal guaranty: This document certifies that the business owner as an individual is willing to guarantee payment on the merchant account even if the company itself fails. If you do not wish to sign a personal guaranty, you have the option to submit at minimum one year's worth of banking statements demonstrating a solid financial history.
- A voided check: The check must be from your business checking account. Alternately, you may provide a letter from your bank which includes professional letterhead, your routing number, DDA#, and also your business name.
- Site survey: If you own a retail or other in-person business, you must provide proof of your location. A Yellow Pages listing, catalog, or a copy of your state license are all acceptable proof.
- Advertising materials: If applying for a MOTO account, you must give us a copy of your catalog or otherwise demonstrate how your customers are finding your products.
- Web address: This must be submitted only if you wish to obtain an ecommerce merchant account.
- 501(c)3 verification: If you are a non-profit entity, you must include proof with your application.
Once we have received your application accompanied by the above relevant documents, we will be able to review your materials and determine an appropriate discount rate for your credit card processing. Typically, rates range from 1.6%-3%, depending on the type and risk level of the transaction taking place, but we are confident that we can give you the lowest rates in the merchant service industry. After we evaluate your application, we will get back to you with rates and an agreement. At that time, we would be willing to consider giving you an account with no monthly fees or no early termination fees, if that seems appropriate for your company. Should you choose to accept our offer, you can quickly start processing credit cards online, by phone, or in your brick and mortar store. We have helped hundreds of other companies get set up with a cheap merchant account – even hard to place or high risk businesses – so let us see what we can do for your company!
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