Trade Licenses

Occasionally the bank may request to see a copy of a trade license to verify the applicant is properly licensed to provide their product or service.  This is standard procedure within the industry and is done to ensure that the bank is enabling properly licensed businesses to accept Visa and MasterCard.

Common businesses for which a trade license may be requested include:

1)     Construction

2)     Cosmetology

3)     Transportation Service – Taxi Cab or Limo Service.

Every once in a while I will receive an application from an individual who is still waiting to receive their trade license.  This recently happened for a customer who is operating a home based child care service and had not yet received the childcare license from the state licensing agency.   I got it approved on time but it required a few follow up calls to the state licensing agency to get the license rushed.

Be sure to get started early on your licensing applications to help navigate through all the necessary steps to start up your business such as your merchant account application.

Posted in Uncategorized, Understanding Merchant Services on September 1, 2009 by Andrew