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Merchant Account Application – Sales Volume
One of the most important figures on the merchant account application is the Annual Credit Card Sales. It is worth pointing out the difference between Annual Credit Card Sales and Total Annual Sales. Annual Credit Card Sales represents the annual Visa and MasterCard Sales, while Total Annual Sales represents the Total Annual amounts for all sales, including Cash + Credit + Debit + Check.
Some businesses, such as Internet merchants, may make very little (if any) cash or check sales. For this type of business, the Annual Credit Card Sales may be identical to the Total Annual Sales.
Other businesses, such as fast food restaurants, may have a large amount of cash sales.
It is important to provide an accurate estimate of the Annual Credit Card Sales when applying to accept credit cards. At times it can be difficult to estimate this figure, especially for a new business. If you are not completely certain about the figure than provide your best estimate.
Every bank in the merchant services industry routinely monitors the volume of your credit card sales as a fraud protection measure. To ensure seamless and uninterrupted service of your account, be sure that your initial estimate is as accurate as possible.
And remember that whether your Annual Credit Card Sales are $5,000 or $5,000,000, Best Merchant Rates offers Large Corporate Pricing to everyone. We are the first company in the payment processing industry to extend Large Corporate Pricing to everyone, regardless of how large or small.