Which bank is best for merchant account?
Sophia Koch
Updated on February 07, 2026
The 7 Best Merchant Account Providers of 2021
- Best Overall: Square.
- Runner-Up, Best Overall: PayPal.
- Best for Established Businesses: Payment Depot.
- Best for Recurring Billing Businesses: Stax by Fattmerchant.
- Best for Brick & Mortar Stores: Dharma Merchant Services.
- Best for Online Only Businesses: Stripe.
What can I do with merchant account?
A merchant account is a type of business bank account that allows a business to accept and process electronic payment card transactions. Merchant accounts require a business to partner with a merchant acquiring bank who facilitates all communications in an electronic payment transaction.
What is needed to open a merchant account?
Merchant account requirements list
- Business bank account.
- Financial statements.
- Business license.
- Physical address.
- Completed Application.
- Employer Identification Number (EIN)
- Articles of incorporation.
- PCI compliance.
How to set up a merchant account for credit card processing?
Choose your credit card brands – Visa is, by far, the most popular credit card brand. You can also offer MasterCard and American Express. You will want to check the merchant fees for each of the cards you choose to offer. Processing history – If your business has any processing history, you will need to get those records together.
Do you need good credit to get a merchant account?
Since the bank views granting a merchant account as an extension of credit, your credit report must be good, your credit score high, and your presentation to the bank excellent. When you develop your business plan as a start-up or home business, you should devote a section to obtaining merchant status.
What can I do with an Internet merchant account?
An Internet merchant account is simply designed to process online credit or debit card payments, which usually involves higher fees to you, the merchant. There are online payment processing services that can handle setting up Internet merchant accounts for you.
Where can I get credit card processing services?
Merchant services may be offered by your bank, by specialized merchant services firms, or by providers in independent sales organizations that offer payment processing. If you go through a merchant services provider rather than a financial institution, you will have access to more services than if you go through a traditional bank.
