What is a Merchant Account and how do I set one up?
Here is everything you need to know about a Merchant account, how to set it up with us and what you can do with one.
What is a Merchant Account?
A Merchant Account is the important tool every business needs to start processing card payments. This gives you the ability to start trading and executing your business model with your unique MID (Merchant ID). At NetPay, we strive to make obtaining a Merchant Account as easy as possible. We will be explaining the process of creating your account and what you are able to do with it in this blog.
We offer a portal called Revolution with your Merchant Account. This portal allows you to track your business’ statistics and see past reports. Again, we’ll be covering this in further detail.
How to set up an account
Once getting in contact with our sales team, and after you’ve had a discussion of what you would need within your account plan, you’ll be providing the necessary details for us to complete your setup.
These are relatively simple details which we would need – trading name, legal name, company number, contact information and so on. Along with the standard information you would also need to include your banking information and owners/partners & shareholder details. This is to ensure we have all the information needed to ensure you’re a legitimate company.
Proof of bank account is the next stage we will visit. The requirements here do differ depending on the type of business.
- Sole Trader – This can be a personal or business account and needs to show either the owner‘s name ofr the business name. Each bank proof will need to include the sort code and account number.
- Partnership – This needs to be a business account showing either both partners names or the business name. Each bank proof will need to include the sort code and account number.
- Limited Company/LLP/PLC – This needs to be a business bank account showing the limited company name. Each bank proof will need to include the sort code and account number.
- Charity/Non-profit – This needs to be the business bank account showing the business name. Each bank proof will need to include the sort code and account number.
The approval process
Once we have all the information needed, we will then send your application over to Clover. They will assess all the information provided and information us if you have been approved. The application will be sent by VAPP. It is also important to note that the application won’t be approved until it has been sent to First Data who will complete their checks as well. We will arrange this approval process to keep it as simple as possible for applicants.
If a modification is needed, this means the Customer Service team has identified an error on the application or missing information such as a document. You will receive a notification email with full details of the modification required.
Features you’ll receive with us
Once approved, you’ll have access to Revolution, our business reporting and statistics platform. This can be beneficial in many ways. You’re able to track your income and obtain reports.
You will also be able to organise a terminal plan with whatever machine we can offer you. This can be anything from a standard countertop terminal or, if you’re looking for something with a few more features, an android powered wireless terminal. This would be a decision completely up to you.
More information on our Revolution platform and our terminals can be found here:
For more information, feel free to speak to our sales team. They are more than willing to help you with the process. Get in contact today.
