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Vendor Card
How to Accept Credit Card Payments If You Dont Have Processing History or Just Starting by Egidijus Andreika
Whether you are just starting online business or you are already selling your own products online - you may already know that online merchandising is one of the most popular and easy ways of business on small and large scale. The e-commerce business has grown tremendously within the past decade allowing an opportunity for a regular person just like you to make a living online. All you need is to have a product, create a website for your product and start accepting payments. However, the biggest problem for all new online vendors is to be able to accept credit card payments for their products (especially if these products are not physical ones). Each person who want to start selling digital products online and accept card payments from their clients, but doesn't have a company, face these issues when they go to a bank to open an online merchant account:
1) You need to provide your companies registration certificate and all documents. If you are a new person and would like to start your online business, usually you don't have a company registered.
2) You need to provide your payment processing history, so the bank could see and evaluate the risks of your business. But since you are just starting, you don't have anything to show - no payments, no processing volumes, no refund or chargeback rates.
3) You need to provide a business plan. Usually all banks want to see what you are planning to sell, how you will deliver your products and how you will do that. They need to make sure that customers would be satisfied with your product. At the same time they want to see how you deal with your customers, how your customer support work and how you handle all complaints/issues that customers have with your product. Usually when you are just starting and want to sell only a couple of products, you don't have a business plan... And you don't know how to write it properly, so that bank would accept.
4) You need to provide your financial documents of your company or yourself. Usually this includes all balances, turnover and profit and EBIT reports. It's impossible to provide such documents if you don't have your company or your company is new.
5) Even if you can provide all these documents, the bank might simply find that your business type of product is way 'too risky' to get a merchant account. This especially applies for digital products - ebooks, software or any monthly billing membership websites. They don't want to deal with new companies that have no track record.
6) Waiting for approval: even if you provide all the required documents and your business is accepted for credit card processing, you will still have to wait at least a couple of months to have your merchant account issued.
So it's like a closed circle - you can't start your online business, because you don't have a track record, processing history and can't provide any financial documentsâ