Checklist: applying for a merchant account

Banks that offer merchant accounts for accepting card payments have strict requirements. They will want to see:

• your business plan - including details of your cash flow and how you'll promote your online activities
• your website address
• details of your product or service
• your suppliers' details
• how you will deliver your product or service and your terms and conditions for online trading
• your expected average online transaction values and your estimated turnover from online sales
• details of the secure server you'll use
• your audited business accounts
• your bank details and authority to carry out a check with credit reference agencies
• your trading history
• details of the directors or partners in the business - including full contact details

You should have these details ready before you start the search for a new account.