Things to Consider When Making a Merchant Account Application

With the recent rise in e-commerce, digitized payment systems have become mandatory for most businesses. In turn, merchants have been forced to use Credit and Debit Cards to offer secure and flexible payment options. However, opening a merchant account can be a real hustle particularly for small businesses that are making a first-time application. Apart from the complex terminologies that the merchants must learn during the application, there are a lot of confusing processes that may hinder immediate account opening. Here are the key factors to consider for a successful opening of a merchant account.

The Payment Approach Preferred by Customers

One of the critical factors that determine the type of Merchant Account needed is the type of transactions that the customers will adopt. For instance, customers may decide to purchase goods and services using the Card Not Present scenario, also commonly known as e-commerce. Some customers may also prefer using Virtual Terminal for transactions. Other merchants may also consider other alternative payment methods such as E-Wallet to give their customers different payment options.

Security of the Account

It is important for every merchant to understand the existing security protocols that are set by the PCI Data Security Standards. These guidelines had been introduced in 2004 to ensure that every merchant meets the security needs in regards to processing, storage, and transmission of Cardholder Data. In addition to the PCI standards, merchants should be informed of the Fraud Screening and Scrubbing guidelines provided by Account Providers and Acquirers to ensure that they protect their business against Chargebacks and any form of Fraud.


Every merchant should be aware of the processing fees or discount rates. These fees usually vary from one merchant account provider to another, depending on the type or sector of business. When operating a high-risk business, it is more likely that the processing fees will be higher due to the Risk Factor consideration. Having a transparent and affordable service provider is more advantageous as one can secure his or her business and conduct transactions with minimum costs.

Choosing a merchant account provider that understands and meets the needs of every client is very essential. Merchants should take advantage of service providers that not only care about their businesses but also offer the need for merchant account services. BlueSnap offers favorable conditions for all merchants through accommodative rates and secure options.