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  1. #1

    Unhappy Need help with opening a merchant account

    I have my company Incorporated in US legally. i have EIN, and Business License, along with a business bank account with Bank Of America,

    Plus an Address in US, Phone number, Fax number,

    Just wondering if you guys can help me to open an affordable US Merchant account.

    I tried most of merchant account providers, but they have not approved my application, due the fact that i do not have SSN.

    I dont have tax return either, this is because i just formed my company two months ago. so i still need to wait up to 1 year to get a tax return from IRS.

    Please post me a reply ONLY if you know what you are posting. Thanks!

  2. #2
    Join Date
    Nov 2004
    Location
    Costa Rica
    Posts
    180
    The thing about getting a US direct merchant account is the fact that the banks are under extreme scrutiny, so they must assure that every merchant application is just as qualified as a loan application. Without an SSN this is extremely difficult.

    If you absolutely need to have your credit card transactions processed by a US bank, consider a US-based 3rd party processing option, especially since you have formed the company just two months ago.
    IntegralPay | accept credit cards and other payment methods
    US, EU & offshore incorporations and bank accounts

  3. #3
    Nope, i do business since 2001, i do using third party processors (2CO and Paypal),

    Reason that i am applying for a merchant account is that the fees are lower and i would be able to charge my clients automatically on each month (auto-renewal). and i can get paid faster that waiting ages.

  4. #4
    Join Date
    Jun 2010
    Posts
    177
    Hi,
    It's going to depend on the business, the location of the owners, processing history, also the processing history.

    Also if you're looking for an aggregation account to run charges for customers in the U.S. there's a lot of considerations to keep in mind. Aggregation in the U.S. is a big problem since it's against laws on money laundering.

    The big question is do you want to process CC orders for other clients? There is a way, but I will need that question answered to help.
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3

  5. #5
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    You might check out FDIS Costa Mesa - they can sometime support merchants not in the United States but have a US Bank account. Usually the payout is about 5 days.

  6. #6
    Join Date
    Apr 2011
    Location
    New Orleans
    Posts
    1
    If your site does not have Gambling - lots of US Processing is available.

    Are the sales on the internet? BY Phone or are they walkin? Each one makes a difference in the application process.

  7. #7
    Quote Originally Posted by svr60z View Post
    I have my company Incorporated in US legally. i have EIN, and Business License, along with a business bank account with Bank Of America,

    Plus an Address in US, Phone number, Fax number,

    Just wondering if you guys can help me to open an affordable US Merchant account.

    I tried most of merchant account providers, but they have not approved my application, due the fact that i do not have SSN.

    I dont have tax return either, this is because i just formed my company two months ago. so i still need to wait up to 1 year to get a tax return from IRS.

    Please post me a reply ONLY if you know what you are posting. Thanks!
    I know what I'm posting, you come off as being a bit condensing..

    Not sure how you obtained a BOA Business Account without a SSN,
    but I will take you at your word.

    You do not mention what product-service you are selling. You also indicate you want recurring billing. Secondly, if you want low rates, International Merchant Accounts is not the palce to seek 'low rates"

    I specialize in hard to place merchants for both Cc and check 21Processing. We will asses you business as make a determination as to your specific "risk factor" and indicate if we will grant you a merchant account.

  8. #8
    Join Date
    Jun 2010
    Posts
    177
    Also you don't need a SSN, companies use an Employer ID Number (EIN) which you can apply for and get instantly at irs.gov It's the same digits as a SSN and used for tax purposes with businesses. It's really just like a social security number for a business.
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3

  9. #9
    Quote Originally Posted by nick771 View Post
    Also you don't need a SSN, companies use an Employer ID Number (EIN) which you can apply for and get instantly at irs.gov It's the same digits as a SSN and used for tax purposes with businesses. It's really just like a social security number for a business.
    In many instances where you think you'd be able to just use your EIN, they ask for a personal SSN too. I've been asked for my personal SSN on nearly every finance related service I've signed up for, even though I have a registered LLC with an EIN.

  10. #10
    Quote Originally Posted by nick771 View Post
    Also you don't need a SSN, companies use an Employer ID Number (EIN) which you can apply for and get instantly at irs.gov It's the same digits as a SSN and used for tax purposes with businesses. It's really just like a social security number for a business.
    I wish people would actually read the Banking Regulations before the spout off.

    Read & Study:



    http://www.ehow.com/list_6812342_pat...k-account.html

  11. #11
    Thanks for all answers, but they are not helpful at all. but thanks anyways, SamBarrow is right, they all ask for SSN [I am giving up], there is noway to apply for a merchant account without SSN or at least a US signer,

    FDIS Costa Mesa that you recommended is a FirstData Processor, They may accept the application without ssn, but when the app go to FD underwriters they will decline it, I have applied for FD merchant account almost with five companies, and my application get declined each time.

    They may accept the application without SSN, but they will ask for a US signer.

    fcfpayments:

    I do web hosting, Yes i applied for a BOA business account by visiting US and providing them my company EIN, and other information, such as our company address in US etc.

    Thanks for the help.

  12. #12
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    First Data might have changed their rules - I really don't like recommending people to them because I found out they were overcharging a lot of merchants.

    And you are right svr60z - it is easier to get a US bank account than some people think. As long as you are not wanting an account that is interest bearing, they don't need it. Once you walk into the bank - they have satisfied the YKYC (You Know Your Customer) regulation. I had a friend that was a banker in the Carribean and flew into Miami a couple times a month. It is amazing what you can learn.

    Just curious - have you spoke to Rick there? Usually, what happens is that you need to agree that the discount rate is higher, I think about 4.5%. And you can only process $10,000 a month. The underwriters might not be communicating this properly - I saw this time and time again.

  13. #13
    Well i dont really remember his name, but he was nice and friendly, he get my application approved even that my driver license was expired.

    Regarding FirstData, the biggest problem is that they have TOO MANY bad reviews on the net, just Google "FirstData Reviews", i dont know but people either HATES them, or VERY LIKE them.

    The good news is that i get approved with iPayment, but i just requested them to cancel my account after reading all of bad reviews about their company.

    i may get approved with firstdata as well (without ssn) for e.g. by providing some financial proofs like bank statements etc, but like i said, the biggest problem is that these processors have a lot of bad reviews, they are risky...

  14. #14
    Join Date
    Jun 2010
    Posts
    177
    The only firsthand experience I had with FirstData was a place who did concert tickets and when they did a big burst of sales in a few days, they got shut down just for the fact they did so much business in a short time. They did concert tickets, so of course before an event they were going to do a lot of business.
    Niles Bentley
    High risk merchant consultant
    Skype merchantservicetoday3

  15. #15
    Its really hard these days to find a good merchant account provider, 90% of providers usually shut-down account/hold funds for some really "stupid" reasons that does not make any sense (like the one you mentioned).

    I think i should totally give up this time (after two months of hard-trying).

  16. #16
    Join Date
    Jul 2003
    Location
    Castle Pines, CO
    Posts
    7,189
    I agree - bad review with First Data, and I was hesistant to recommend them, but they were the only one that I knew that really did support what you needed.

    Plus they overcharge their merchants - they say they charge $.25 transaction rate but looking at statements, I see $.2599. So I do recommend anyone using them review their statements.

  17. #17
    Some good news, i have applied with one of the BIGGEST merchant account providers and after talking with them for almost 30 minute over the phone. they approved to acceppt my application without a SSN but now in final step they asked me for a utility bill, which i dont have LOL

    Trying to get one from my mail forwarding provider lol, i will keep you guys updated.

  18. #18
    Join Date
    Dec 2006
    Location
    Europe
    Posts
    1,138
    May I ask what comapny is doing this?

  19. #19
    Join Date
    Jan 2011
    Location
    India
    Posts
    1,453
    If your sales volume is large then you can try liberty reserve. its fees are cheaper than other.
    Quote Originally Posted by svr60z View Post
    Nope, i do business since 2001, i do using third party processors (2CO and Paypal),

    Reason that i am applying for a merchant account is that the fees are lower and i would be able to charge my clients automatically on each month (auto-renewal). and i can get paid faster that waiting ages.

  20. #20
    It's really tough to be approved with just an EIN. You definitely will have to open a high risk account or an offshore account with hefty reserves.
    Your Payment Acceptance Source - www.merchantseek.com

  21. #21
    Join Date
    Aug 2010
    Posts
    83

    Smile

    Quote Originally Posted by svr60z View Post
    i will keep you guys updated.
    Wish you the very best and waiting to see your update!

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