Checklist: applying for an internet merchant account
The requirements you will need to satisfy when applying to a bank for an internet merchant account.
Banks that offer internet merchant accounts (IMAs) for accepting card payments have strict requirements. When you apply for an IMA, the bank will want to know certain details about you and your business.
You will need to:
- outline your business plan - including details of your cashflow and how you'll promote your online activities
- supply your website address
- explain the details of your product or service
- give your suppliers' details
- describe how you will deliver your product or service
- set out your terms and conditions for online trading
- work out your expected average online transaction values, your estimated turnover from online sales and your predicted number of credit and debit card transactions
- provide details of the secure server you'll use
- make your audited business accounts available
- supply your bank details and provide authority to the bank to carry out a check with credit reference agencies
- detail your trading history
- provide information about the directors or partners in the business - including full contact details
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