To accept payments, you must open a merchant account by following several steps: choose the credit card brands you will work with, determine your payment model such as one-time or recurring billing, analyze your financial turnover to understand fees, find an acquiring bank to provide the account, ensure your website complies with requirements, gather documents about your business, and submit an application with these documents for review.

1. HOW TO CREATE A
MERCHANT ACCOUNT

2. TO START ACCEPTING PAYMENTS YOU NEED
TO OPEN A MERCHANT ACCOUNT.

3. BEFORE YOU OPEN IT, MAKE
SOME PREPARATIONS.

4. 1. CHOOSE CREDIT CARD BRANDS TO WORK WITH.
There are 4 of them - Visa, Mastercard, American Express, and
Discover. Note, that you might need only 1 or 2 brands.

5. 2. FIGURE OUT THE PAYMENT MODEL.
If you are working on the subscription-based model,
recurring billing fits you perfectly.
If not, enable one-time payments.

6. 3. ANALYZE YOUR TURNOVER.
Get ready to provide the
financial statement
(commonly, of the last 6
months), as the bank
establishes fees based on
your turnover.

7. 4. START LOOKING FOR A (LOCAL) BANK.
It’s an acquiring bank that provides you with a merchant
account. We recommend partnering with the payment
processor to access more banks.

8. 5. PREPARE YOUR WEBSITE.
Firstly, your website must be
up and running. More
importantly, it should comply
with Visa/Mastercard
requirements (have Refund,
Privacy Policy, and other
pages).

9. 6. GATHER ALL THE DOCUMENTS.
You need them to hand in the bank where you open
an account.
Usually, these documents include information about
your company, it’s owners/officers’ names and their
positions in the company, etc.

10. 7. SUBMIT AN APPLICATION FORM.
Fill in the application form and
attach the documents you’ve
gathered.
The bank will look into your
application and make the final
decision.

11. THANK YOU
FOR
WATCHING!