Applying to Become a Merchant? Here's What You can Expect.
Congratulations - You’re ready to bring your business to the next level! Whether you’re completely new to the world of credit card payments or you’ve decided it’s time to switch payments providers, we’re excited to help you level-up and learn how to apply for a merchant account online.
What is a merchant account?
In order to start accepting credit and debit card payments, first, you need a merchant account. A merchant account is a special type of account that you set up with a payment processor.
When your customer pays with a debit or credit card, the money is deposited into the merchant account and then transferred to your business’ bank account.
It may sound simple, but applying for a merchant account can be a confusing process (what the heck is PCI and why do you need my SIN card number and banking information?).
What does it mean to become a merchant with Paystone?
When you become a merchant with us, you’ll be joining over 25,000 businesses across North America who use our solutions. You’ll get access to customer loyalty, gift card, and payment processing solutions that fit your business needs.
Plus, we’ve got some pretty great customer support, an easy-to-use hub to track all your important metrics, and free online resources with tips to grow your business.
Merchant account requirements — what you need to apply:
Once you’ve done a bit of research and found a payment solution that fits your needs, you’ll need a few documents handy to start your online merchant account application.
Personal Information: (One of the following)
- Driver’s License
Business Verification Documents: (One of the following)
- Government Business License
- Corporate Profile Report by Government Sites
- Partnership Agreements
- Text Change Documents Filed With Government
- Articles of Incorporation
- Letter of Notice of Assessment from Government
- Business Registration
- Certificate of Incorporation
- Letters Patent
- Notice of Change
Bank Account Information:
This is the account your card payment transactions will be deposited to and chargebacks will be withdrawn from.
SIN number (Optional)
GST number/tax ID
You’ll also need to make sure that you have a business license and that you’re a registered business.
Why do we need a copy of your driver’s license?
We need a copy of your photo ID to verify your identity. It’s a requirement to help prevent potential fraudulent activity.
How do I apply?
When you’re ready to apply to become a merchant, you can call us or schedule a call with one of our specialists to pick your product and get started on your application.
How long does it take to open a merchant account and start selling?
Once you submit your completed application, it takes about five business days to get your payment solution delivered and set up.
After your application is submitted, you’ll find out if you’re approved within 1-2 business days. You’ll also receive a welcome email from our team, which outlines a few instructions and what to expect to get set up.
When you get your payment solution delivered, you can expect a call from one of our technicians. Depending on the payment solution you selected, this can take anywhere from 20 minutes to 2 hours. The average setup call is less than an hour. Our team walks you through everything you need to know so that you can start selling right away.
Ready to become a merchant? Contact us to get started.