What happens when a merchant account needs a person but an enterprise needs to be the owner of the account?

Question

A merchant account application is asking for a single person to be the owner of the account, however there will be no single owner it will be an enterprise.

Answer 1

I will try to shed some light for you on the merchant account application process. Hopefully it will help you understand what exactly is required in the application.

In a merchant account application you will provide details about both your business and your business' owners, including address (business and personal), social security number, tax ID (if applicable), phone numbers, email address, web address, bank account info, etc. The business owners may be more than one, just as it is in your case, and you will provide personal information for all of them.

Be advised that no person from your organization will own the merchant account and the application is not about owning it. The merchant account will provide a way for your company to accept payments and your company's money will then be deposited into your company's bank account, not into one of the owners' accounts.

The application does ask you for a "Contact Person." This is different. A contact person is the one representative (whether it is an owner or not) of your organization that your merchant account provider will contact whenever they need to talk to someone about something. That is all.