You can open a Business Bank Account anytime just by visiting the nearest branch. It takes hardly a few minutes to open a merchant bank account if your documents are ready and appropriate.
Even if you are the sole proprietor of the business, you need to create a Business Bank Account.
Now, your business transaction can be carried out using this bank account.
All you need is your merchant license or business license and EIN (Employer Identification Number).
Also, make sure you keep a certain amount in the account for processing fees and software fees.
How to Get the Business License?
The business license is a permit from the government or the responsible organization that allows you to sell goods and services. Depending on your geographical location, you can get a business license by providing the required documents.
- You need to provide the documents that validate your business.
- An underwriting and review of the business also need to be submitted.
- Also, provide details of your standing business.
- Then after the completion of the formalities, you can get your Business License and Business License Number.
- These business licenses generally have the expiration date. You may be required to renew the license to continue the business.
Choose for Online Application for Merchant Bank Account
The procedure for opening the Merchant Bank Account becomes very easy by using the online method. You can apply for the merchant account from the web portal and open merchant bank account.
You will be asked to enter your business and company details.
Then your valid business license number will be asked.
You have to provide documents asked by the bank.
And within a few hours, you will be ready with the merchant bank account.
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