Merchant Account Specialists #3 – compliance check

/Merchant Account Specialists #3 – compliance check

How to pass the payment processing company’s compliance check?

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Now that you know how important it is for your online business to have an active merchant account and you know what the process of applying for one entails, let’s go through the list of requirements a merchant account must comply with in order to begin accepting credit card payments on its website.
While getting approved for a merchant account isn’t rocket science, the process is not always easy and there are several factors that will determine if you qualify. Some of the items on our checklist include corporate documents, website, field activity, client location and more.

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What does the payment service provider’s (PSP) compliance department look for when determining the suitability of a new merchant?

Documentation. Does the business have all relevant and required documents?
For a list of the most commonly requested documents, visit our Merchant Account Specialists guide part #2.

  • In order to demonstrate that the company is in good standing, an official document of good standing issued by the Registry of Companies is required. This document confirms that the company in fact exists, that it has complied with all the administrative requirements set forth by the law and has paid all necessary government fees and duties.
    Make sure you have all of your company’s documentation in valid form.
  • Website. Regardless of what type of products or services you have available to the public via your e-Commerce site, your website needs to meet certain minimum requirements. There are requirements from the point of view of the customer and some requirements from the point of view of the processor. Either way, you need a website that is live in order to move forward with your payment processing application. Several pages and pieces of information are important to the end user as well as the PSP. This information is required with the main objective of preventing disagreements between your clients and your company that can lead to complaints, chargebacks and other issues.
  • The Terms and Conditions is a critical page on your website. Make sure to include all the necessary policies regarding refunds, fees, licensing and regulation (if applicable). PSP’s compliance department personnel typically scan the legal content of a merchant’s website to make sure it doesn’t contain any misleading information. Developing your own Terms and Conditions is ideal, but it is often time consuming. A lot of merchants who lack the knowledge to do this, or the resources to hire an attorney to undertake the task on their behalf, copy and paste the Terms and Conditions from another company in the same field. If you do so, make sure you change all the details specific to the other company and that you take the time to adapt them to your business. Account managers at PSPs can also provide you with a list of items that must be included in the Terms and Conditions section, so you can use as a guide to develop your own or adapt existing ones.
  • Contact Us page. the contact us page must include the company’s name and registered address, support phone number and email address.
  •  About Us page. Make sure the company’s profile matches the company’s name and address specified in the Terms and Conditions.

  • Deposit page. If your website is live, your payment section should have an SSL, contain a payment descriptor (brand name and support phone number) and links to the Terms & Conditions section should appear on the page.

The above items are part of the checklist of minimum website requirements provided by most PSPs in order to open a merchant account.
GBO’s payments experts have considerable experience advising businesses on the setup and operation of merchant accounts and would be happy to assist you in locating the best PSP for you and guiding you through the process of getting all the corporate documents you need.

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