5 tips for ecommerce merchants to open merchant credit card accounts.

Opening Merchant credit card accounts especially if you come from Asia, Africa or South America is very hard. Here is what i would do when approaching a new Merchant.

  • Ask for the account opening process and the documentation required. They will be happy to give this to you. Make sure you collect all the information and provide it in a very well structured format. The people carrying out the checks are accountants. They like structure.
  • Provide as much information about your business and yourself as you can. The biggest roadblock to getting an account is that they don't understand your business or feel like they cannot trust you. By providing a lots of information about yourself you create a trustworthy vision of yourself in the mind of the credit card processor. By providing a lot of information on your business you help them understand it and feel comfortable with it.
  • Don't lie - In the business world people are used to telling white lies. This is a huge red flag and you will be blacklisted. The credit card processors get hundred of requests a day, they are looking for reasons not to open an account. Don't give them one by lying!
  • Keep in mind that a) these guys are smart and b) they are your long term partners. Behave with them like you with a partner being open and direct. This will build good relationship and even if they don't approve your account today they might do in a few months down the track.
  • For ecommerce merchants having a good online presence is extremely important in order to sell. This is also important for the credit card processor. They will be checking your reviews, your amazon shops, your products etc. make sure you have a good online presence with good customer reviews.
  • Barclays
  • Techstars
  • Nestholma
  • Nordea
  • Tekes
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