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Even if you are just starting your business, you can still be approved of a merchant account if you meet the conditions required by the merchant account provider. You must be at least 18 years of age, you must be the owner of the business or an authorized representative of the corporation, and your products or services must pass their risk assessment test. There are also certain personal and business documents you need to submit to some providers.

Setting up a merchant account has almost become a must for every business in order to accept credit card payments and increase sales. You do not have to worry even if you are just starting your business. You can be approved of a merchant account as long as you meet the requirements of the banks and other institutions. The following are the basic conditions they will require from you:

You must be at least 18 years of age

When you are applying for a merchant account, you are also getting into a contract. You need to be of legal age to go into contracts and therefore, must be at least 18 years old to apply for merchant account.

You must be the owner of the business or an authorized representative of the company

If your are the owner or the sole proprietor of the business, you must be the one applying for the merchant account. If it is a partnership or a corporation, you need to be the authorized representative of the business in order to submit and complete the application. It is just like in opening a simple business bank account, wherein you need to establish ownership of the business and authority over the account you are opening.

Your products or services must pass the processor’s risk assessment test

Especially when applying for an offshore or international merchant account or applying in a bank, some institutions require businesses to undergo risk assessment test for security purposes. The products and/or services of your business are evaluated whether low or high-risk. Low risk businesses have no problem as long as the other requirements are met. High risk businesses, on the other hand, such as gambling websites and those selling pornographic materials, will have a difficulty in applying for a merchant account.

You must be able to submit the required papers

To make sure that you are capable of opening a merchant account and that your business is legitimate, there are selected merchant account providers that require you to submit some of the following documents and IDs, depending on the institution:

• Photocopies or scanned copies of valid IDs (passport, driver’s license, etc.)
• Federal Tax ID Number (for US corporations)
• Social Security Number
• Checking account (if you have any existing checking account)
• Business documents (Articles of Incorporation, By-Laws, Business Permit, etc.)
• Personal credit history (company credit history for existing businesses)
• Projected sales volume
• Existing website

Some providers offer you almost instant approval of merchant account applications without so much documentation requirements. These institutions are usually those who limit their applicants to local residents only. Examples are those who only cater to businesses within US, wherein they can easily verify the legitimacy of your business. Be careful, though, when choosing the best merchant account provider as some may not last for very long and your business might be affected in the future. Choose a provider that has good reputation, reasonable rates, and the best service to help you make a more profitable business.

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At some point, people will always have this idea in their mind. Starting a business is never easy and unless you are gifted with the golden touch of managing for success, chances are the road to success will be bumpy.

Today may not seem to be the best time to start a business but there are people who are still considering it, especially the ones left with little options as far as income is concerned.

According to a new survey by FindLaw.com, the most popular legal information Web site, 61 percent of Americans have either started or thought about starting a small business.

• Thirty percent of Americans say they have started at least one small business.
• An additional 31 percent of Americans have thought about starting their own business at some point in their lives.
• Only 39 percent of Americans say they have never started, or even considered starting, their own business.

Small businesses are an important part of the economy, generating a significant portion of new jobs. Small businesses (defined as 500 or fewer employees) employ about half of all U.S. workers and have generated more than half of net new jobs annually over the last decade, according to the Small Business Administration. There are an estimated 20 million businesses in the U.S. that consist of only the owner with no additional employees.

“Owning your own business is a dream that many people have and that many people act upon,” said Stephanie Rahlfs, an attorney and editor at FindLaw.com. “Even in difficult economic times, people often take advantage of opportunities to start a business where they see unmet needs, a chance to turn a personal passion or interest into a business, or because they want to have more control and responsibility over their work life.

“Starting a business involves many legal and regulatory requirements, including state and local licensing and registration, taxation, zoning, intellectual property and financing,” cautions Rahlfs. “Knowing what the requirements are, what information you’ll need, and where to find good advice and help are essential. Research has found that businesses that make it through the first four years have a much better chance of lasting long-term.”

Free Internet resources, such as the FindLaw Small Business Center, can provide helpful information on starting and managing a small business. The FindLaw Small Business Center covers first steps for starting a business, incorporation and business structures, business laws and regulations, finance, taxes, business forms and contracts, and a directory for finding attorneys who specialize in small business.

The FindLaw survey was conducted using a demographically balanced telephone survey of 1,000 American adults and has a margin of error of plus-or-minus three percent.

While many of us are heaving a sigh of relief on the recent events that saw oil prices going below $115, it is still far from normalizing to the prices that we had enjoyed some months back. Apparently a lot of political issues have been the cause and bordering nation disputes have likewise made oil prices to where it is today.

There are two points for discussion here. Let me enumerate them regarding the current oil price frenzy.

Russia’s invasion of Georgia
While we are celebrating, turn around and look at the oil price in the market. They are not slowly spiking up and a lot of it is due to the current conflict between Russia and Georgia. For the record, Russia is one of the contributing nations towards oil needs in the world and apparently they are now in semi-war with the United States.

With that said, we are slowly getting the feelers. The oil prices are spiking up in preparation for another crisis and if the dispute with Russia is not settled, we may just see another round of oil price increases. Something we do not like but a reality we must face.

Who are responsible for Oil Price?
Oil companies command prices but not depending on supply but more on how they negotiate through contracts. Similar to business, negotiations and set prices are agreed upon depending on how much and how many barrels of oil will be exported from one destination to another.

Unlike what most of us think, oil price hikes are not always signs of oil shortage. Sometimes you have to audit the oil companies closely to get the real score. Sad to say, this is a reality and it is something that we can say that has originated from our own selfish professions in depicting business and focusing on making money.

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