What are the basic needs for an online payment gateway

Merchants Have Three Basic Needs For an Online Payment Gateway

The first is security and anti-fraud protection. Protecting your business and protecting your customers is a cornerstone of a successful business. Once incident can wreck your potential and reputation.

The second need is for the payment gateway to be user-friendly. Not only does it need to seamlessly integrate into your website and merchant account but it needs to be customer-friendly so that your customers do not become frustrated and give up on buying your products.

Lastly, you have to find the best rates. Business-friendly rates regarding transaction volume and transaction fees can make or break your margins. Finding the right balance of security and financial acuity is critical for any payment gateway.

Documents needed when applying for a high-risk payment gateway

To begin taking payments via a high-risk payment gateway, fill out Merchant Stronghold quick and simple online application. Though nothing is guaranteed, Merchant Stronghold promises a fair process.

In addition to the application, the following documents must be submitted to processors:

• A valid, government-issued ID, such as a driver’s license or passport
• A merchant account
• A secure, working website with terms and conditions
• Three months of the most recent bank statements
• Three months of the most recent processing statements, if applicable
• SSN (Social Security Number) or EIN (Employer Identification Number)

Business Documents and KYC

• 3 months recent prior processing statements for all products intended on being processed through the merchant account (If applicable)
• 3 months of recent business bank statements. (If a new business, the merchant should be able to show financial stability to support the startup/operation of the business or personal bank statements.)
• Prior years and year-to-date business financials (Prior years audited financials required if available)
• Website or Marketing materials (Print ads, brochures, etc.) if mail order/telephone order sales
• If product/service being sold and not owned by a merchant, reseller agreements should be provided
• Articles of incorporation/articles of the organization showing the ownership of the entity associated with the merchant account