Applying for an Internet Merchant Account (IMA) is an essential step for businesses looking to process online payments. However, the application process can sometimes be lengthy and time-consuming, resulting in lost trading days. To help expedite your IMA application, we've compiled a list of simple pointers that can speed up the process and get you trading online as soon as possible.
During the evaluation of your Internet Merchant Account (IMA) application, Risk Teams frequently refer to the WHOIS database to verify the registered owner of your payment processing domain. If your domain registrar has registered the domain with their information for privacy purposes, you may need a signed letter from them granting you permission to conduct business using that domain. It is essential to gather all the required documentation, including receipts related to the domain purchase, from your domain registrar. By ensuring proper ownership documentation, you can streamline your application process and avoid any unnecessary delays.
Website compliance is vital when it comes to an online merchant account application. To meet the requirements set by your chosen payment service provider, ensure that your website includes essential information such as product pricing, terms and conditions, refund and exchange policies, delivery details, and offline contact information.
Obtain your payment service provider's website compliance policy and carefully review it to ensure your website contains all the necessary elements.
If your website is currently on a test domain or in a restricted area, provide the Risk Team with the required login credentials to access and evaluate your website's compliance. By proactively addressing website compliance and accessibility, you can expedite your IMA application and demonstrate your commitment to providing a transparent and trustworthy online business environment.
Simplifying your business model is essential for expediting your Internet Merchant Account (IMA) application. Complex business models, especially those reliant on third-party entities for lead generation, can cause delays in the application process. To avoid unnecessary complications, clearly outline and demonstrate how you plan to attract customers to your online business.
Gather relevant marketing materials, such as leaflets, flyers, or screenshots of banner ads, to support your application. These materials will showcase your marketing strategies and help the Risk Team understand your approach to customer acquisition. By simplifying your business model and providing supporting documentation, you can facilitate a smoother and faster IMA application process.
Maintaining consistent access to your email is crucial for expediting your Internet Merchant Account (IMA) application. The Risk Team may send you template documents or request verification during the application process, and delayed responses due to limited email access can significantly slow down the process.
To ensure a smooth and timely application process, make it a priority to have reliable access to your email. Check your inbox regularly and respond promptly to any communication from the Risk Team. If you anticipate limited email access during the process, proactively inform the Risk Team and provide an alternative contact method, such as phone communication.
Clearly communicate your availability to respond to queries and adhere to deadlines for document submission. By maintaining consistent email access and promptly addressing any communication, you can help expedite your IMA application and minimize unnecessary delays.
Being available and responsive is essential for speeding up your Internet Merchant Account (IMA) application process. Delayed applications often result from merchants being inaccessible during critical stages. To avoid unnecessary delays, follow these steps to ensure prompt communication:
By following these simple steps and ensuring your availability and responsiveness, you can significantly expedite your Internet Merchant Account application. This will enable you to start trading online as soon as possible, maximizing your business opportunities.
When applying for an Internet Merchant Account (IMA), consider using a payment gateway that offers integrated merchant account services. This can significantly speed up the application process and save you time and effort.
By choosing a payment gateway that already has a partnership with a merchant account provider, you may be able to bypass the need for a separate application process. This integration allows for a seamless and simplified experience, as the payment gateway handles both the payment processing and merchant account setup.
It's important to note that the specific requirements and processes may vary depending on the merchant account provider and your location. To ensure accurate and up-to-date information, it's always recommended to consult directly with the chosen provider.
By leveraging a payment gateway with integrated merchant account services, you can streamline your application and get your Internet Merchant Account up and running more quickly. This allows you to focus on growing your online business and providing a seamless payment experience to your customers.
Give your organisation the stability and freedom it needs to drive higher levels of growth by seamlessly automating your payment processes. Get in touch today to see how we can help your business.
An Internet Merchant Account (IMA) is a vital component of any e-commerce operation. Businesses wishing to accept payments online must have an IMA if they want to accept card payments via the web.
Although your business bank seems like the most obvious place to obtain your IMA, it is often worthwhile shopping around with online payment services providers. They usually have relationships with a number of acquiring banking partners that they can leverage in your favour to secure more competitive rates.
A Merchant Account differs from your standard business account in that the bank, usually referred to as the acquiring bank, allows card schemes to make payments, chargebacks, refunds and other payment transactions into it.