If you are a business owner, all you have to do is find the right provider and submit an application for account opening. From the first sight, it works just like opening a regular bank account but there are nuances that make the process slightly different. Merchant banks or service providers evaluate a number of factors during the screening process, including the amount of time a firm has been in the market, financial and credit history, as well as the possession of any merchant accounts in the past. Credit card fraud is one of the biggest concerns in the industry, so banks and fintech companies will run a compliance check and audit your AML and anti-fraud policies and mechanisms in place.
If you want to open a merchant account with Satchel, the first step is submitting an online merchant pre-check form, which will help us determine whether we can help you obtain a credit card merchant account. If your pre-check is approved, you will be informed about the next application steps.