Importance of Accurate and Thorough Business Description

It is important to always provide a thorough description of your business on the merchant account application.  Occasionally I see applications that have a business description that is too vague. 

Always be as specific as possible in order for the bank to have a clear understanding of your business operations.  Below are some examples of vague business descriptions, and how they can be improved.

 

Vague : Consultant

Better: Advertising Consultant, Network Consultant, Sales Consultant.  Always specify the type of consulting.

 

Vague: E-Commerce

Better: Online clothing, Online music. State exactly what is being sold online.

 

Vague: Construction

Better: General Contractor, Roofing, Drywall, Custom Remodeling, Cabinets

 

Vague: Automotive

Better: Auto Repair Shop, Tire Shop, Windshield Repairs, Used Car Dealership

 

Vague: Finance

Better: Financial Planning, CPA, Insurance Sales

 

Vague: Real Estate

Better: Mortgage, Loan Modification, Property Rentals, Property Management

 

Vague: Travel

Better: Hotel/Airfare Sales, Travel Tours, Travel Agency

 

Vague: Counseling

Better: Financial Consultant, Psychiatrist, Mental Health Counseling

 

Vague: Seminars

Better: Financial Planning Seminars, Real Estate Seminars, Job Training Seminars

 

Vague: Subscription/Membership Service

Better: Health Club Memberships, Neighborhood Discount Membership Cards, Magazine Subscriptions

 

Vague: Health & Nutrition

Better: Vitamins, Diet Program, Nutritional Supplements

 

Vague: Import/Export, Electronics Import/Export, Textile Import/Export

Posted in Uncategorized on September 1, 2009 by Andrew