10 tips for ecommerce merchants to open bank accounts

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Opening an account for ecommerce merchant is very hard. In other posts we have give reasons for this. I won't repeat the reasons but will focus on how to make it easier for yourself and for the bank or payments gateway to open an account for you.

  • Have all your legal document in order - make sure you have all passports, proof of address, any company formation documents, tax IDs, bank statements, and licenses ready to be shared in an organised way.
  • Most merchants give me documents which are misleading or even fake. When it comes to payments gateways and banks any document which isn't 100% accurate about you and your business should be excluded. I have seen basics like false addresses from legitimate customers leading to the customer being rejected.
  • Have a Trustpilot score or customer reviews online.
  • Keep some customer data like invoices and contracts on hand to provide as proof of business.
  • Have good profiles of the owners and the people behind the business. The first step for a bank is to review the owners of the business. Having no information is a red flag.
  • Make sure there is not generic information on your website, its seen as a sign of fraud.
  • Disclose all the information you have. Too many times people will search your business and find information online which might shed negatively on your application.
  • Create an online presence via review websites, Google, Linkedin, Facebook.
  • There is nothing like too much information. Give as much information as you can, especially that which will show that you are a real person who can be trusted.
  • The guys carrying out the checks are smart and are used the best tools to detect fraud and errors in your application. Don't lie and be honest at all times.
  • Barclays
  • Techstars
  • Nestholma
  • Nordea
  • Tekes
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