Table of Contents

1. What Is a Merchant Account?

A merchant account is a specialized business account where funds from customer card transactions are temporarily held before being transferred to your regular business checking account. These accounts are essential for any business that wants to accept credit or debit cards.

2. Merchant Account Requirements

2.1. Business Bank Account

You’ll need a business checking account to receive deposits. This helps separate personal and business expenses and establishes financial credibility. Low balances or overdrafts can raise red flags for processors.

2.2. Financial Statements

Processors often request 3–6 months of recent bank and/or processing statements to verify your average volume, refund activity, and chargeback ratios. A strong financial record signals that you’re a reliable merchant.

2.3. Business License

Depending on your business type and location, you may need to provide copies of your state or local business license. This confirms your business operates legally in its jurisdiction.

2.4. Physical Address

A valid business address is often required—even for eCommerce businesses—for identity verification and underwriting purposes. This can be an office, warehouse, or retail location.

2.5. Completed Application

The application will include your business details, owner info, processing history, and average ticket size. Accuracy matters—any inconsistencies can slow down or derail approval.

2.6. Employer Identification Number (EIN)

This is your business’s tax ID, issued by the IRS. It’s used instead of your personal SSN for tax and legal purposes. Most processors require this to verify your business identity.

2.7. Articles of Incorporation

This document shows that your company is a legal entity registered with your state. It helps prove your legitimacy and outlines your structure (LLC, S-Corp, etc.).

2.8. PCI Compliance

All merchants must meet Payment Card Industry (PCI) Data Security Standards to handle customer card data securely. High Wire Payments provides guidance on becoming and staying PCI compliant.

2.9. Supporting Documents

Additional items such as marketing materials, a business plan, COAs (for certain products), or a voided check may be requested. These vary depending on your industry.

3. Applying for Your Merchant Account

Once you’ve gathered your documents, apply directly through a provider like High Wire Payments. Our team will help you navigate the underwriting process and make sure you’re placed with the best-fit banking partner.

4. How to Set Up a Merchant Account

• Choose a high-risk payment processor like High Wire Payments
• Submit your documents and complete the application
• Go through underwriting and approval
• Integrate your payment gateway (NMI, Authorize.net, Shopify, etc.)
• Begin accepting payments through your website, POS, or invoicing tool

5. Quick FAQs

Q: Why do I need a merchant account?

It enables your business to accept credit card payments and ensures funds from transactions are securely processed and deposited into your account.

Q: What documentation do I need to apply?

You’ll need business bank statements, an EIN, articles of incorporation, a business license, and more. A detailed list is above.

Q: How long does approval take?

Approval can take 1–5 business days, depending on the complexity of your business and the completeness of your application.

Q: Will I be charged setup or monthly fees?

High Wire Payments offers custom pricing. You’ll receive a transparent proposal with no hidden costs and no long-term contracts.

Q: What platforms can I integrate with?

We support WordPress, Shopify, Wix, WooCommerce, NMI, Authorize.net, and other major platforms for both one-time and subscription billing.