To open a merchant account, you want to go through an underwriting process. The provider needs to know how risky you’ll be to them.
To guarantee it goes without a hitch, gather all the data before starting your application. Every provider might have its arrangement of PayPal Merchant Account Requirements. Be that as it may, you want these things to qualify for a merchant account.
How about we go over these requirements in more detail below? Also, learn which reasons could prevent you from being approved and the top providers to consider.
1. Business License
You want an official business license from the city/state that you work in. PayPal merchant account providers will take a look at your license to verify that your business is genuine.
Each state, and even city/country, has its business license for PayPal Merchant Account Requirements. This could include a state business license, local license, or DBA. Ensure you check with your state to see what’s needed.
2. Employer Identification Number (EIN)
An EIN is utilized to identify your business and report business charges. If you don’t have an EIN, you can apply for one free of charge on the IRS site. The number is given right away.
For sole owners without any employees, you can apply with only your Social Security number. Yet, if you do have even one employee, you should get an EIN.
3. Physical Address
You’ll require a spot to receive forms and statements from the PayPal merchant account provider.
For brick-and-mortar organizations, you can utilize the location of your business location. For online organizations without an office, utilizing your home address is okay.
Conclusion
Simply sit back and relax if every one of these sounds overwhelming. The provider simply needs to know how risky you are as a client. If you have great credit and your business is effectively confirmed, you could be approved in just one day.
