What Do I Need to Open a Merchant Account?
To open a dedicated merchant account in Europe, you need valid proof of ID, company setup papers, and recent bank records. Gather all these documents before you apply. Organised files help payment processors review your application quickly. This lets you accept credit card payments and access world-class merchant services as soon as possible.
Application Form
Application forms collect basic business details required by payment processors for setting up an e-commerce merchant account. Most merchant service providers handle applications through e-mail or an online portal. You can complete and submit the form digitally or download it directly from the provider’s website.
Proof of Identity
Payment processors follow “Know Your Customer” (KYC) rules to verify company owners. These checks are part of mandatory Customer Due Diligence (CDD) standards set by European regulators. They require processors to verify beneficial owners before establishing a merchant relationship (4.12 – 4.15).
Standard ID records include a valid passport or national ID card for directors and owners. Submit clear, colour copies. This helps merchant account underwriters complete your background checks without delay.
Company Information
Payment processors need basic business details to confirm your business is real and is following the law. It also helps the provider handle your tax details correctly.
Business Number and Business Licence
A business number and licence prove your business is officially registered with the relevant government. Sole traders, freelancers, partnerships, and corporations must show merchant service providers an active licence or proof that they applied for one.
Taxpayer Identification Number
European countries use a taxpayer identification number (TIN) or employer identification number (EIN) to track tax files. Sole traders and unincorporated partnerships should submit their personal TIN instead.
Value Added Tax Number
Every European business needs a Value Added Tax (VAT) number to collect and submit sales tax on goods and services. If your business was not assigned a VAT number when you registered, apply for one before submitting your merchant account application.
EORI Number
European businesses trading goods outside the EU need an Economic Operators Registration and Identification (EORI) number for customs procedures. If your business handles cross-border trade, payment providers will ask for your EORI number on the application. This proves that you follow international trade laws.
Certificate of Incorporation
Limited liability companies will have a certificate of incorporation from their national business register. This proves the company is officially formed. When you apply for a merchant account, submit this paper along with your Articles of Association and owners’ photo IDs.
Proof of Business Address and Account Signer
Most European countries require businesses, including e-commerce stores, to have a real physical address in the country where they operate. To prove a local presence, payment providers will ask for:
- A rental agreement, lease contract, or property deed
- A recent electricity, phone, water, or internet bill
Meeting these local presence rules allows international companies to get a European merchant account and process card payments across the EU single market.
Account Signer
One person in your company must act as the main account signer. This person must submit a government photo ID so the merchant account provider can verify who they are and stop fraud.
Contact Details
Merchant account providers need current contact details for your business and its main point of contact, including:
- Business and personal telephone numbers (landline and mobile)
- The registered business address
- An e-mail address
- A home or mailing address
They use these details to verify who you are, send alerts, and reach you quickly if an urgent issue arises.
Website URL
Merchant account underwriters review and analyse your e-commerce website to make sure it is secure, well-designed, and easy to use. Many providers will test your customer service using the contact details listed on your website.
Information About Your Business
Most merchant account providers want to know your industry, what you do, and how you differ from your competitors. New businesses under one year old usually need to send a business plan with their application.
Financial Information
Every business must show bank records when applying, no matter how big it is. These records prove your firm has enough cash and sales volume to cover your payment limit. Having higher sales numbers may allow you to negotiate lower transaction fees.
Business Bank Account Details
Payment processors need your business bank account details to pay out your cleared funds. Your account must be with a recognised bank or financial institution. You can enter this information manually or send a recent bank statement or voided cheque.
Financial Statements
Merchant account providers ask for recent financial statements (generally from the last three to six months) to check your income, capital, sales, and profit. Depending on your business setup, these documents may include:
- Bank statements
- Balance sheets
- Cash flow statement
- Profit and loss statements (i.e., income statements)
Some merchant services providers will also check your credit history. If a provider looks up your credit score themselves, you must sign a form to give them permission.
Prior Processing Statements (If Applicable)
If your business accepted card payments before, merchant account providers will ask for three to six months of past processing records. These records show your past sales history, average transaction size, and refund rates. Showing a clean processing record with low customer disputes helps providers evaluate your account risk quickly.
PCI Compliance
E-commerce businesses must meet payment card industry data security standards (PCI-DSS) to protect their customers from fraud. Showing an active secure sockets layer (SSL) certificate and security compliance records covers the main payment gateway documents required by credit card processors.
Whether you already have a secure payment gateway or not, merchant account providers like Unicorn Group will help you integrate their secure PCI-DSS-compliant global payment gateway into your website. After setup, your business remains responsible for maintaining PCI-DSS compliance on your site.
Additional Documentation That Could Be Requested
Underwriting a new merchant account is all about checking risk. Basic applications cover main IDs and bank records. Payment processors use a broader merchant underwriting checklist for higher-risk companies.
New Businesses
New businesses usually need to supply the merchant account provider with documents that explain their business model, industry, and expected profits.
These include:
- A business plan
- Sales forecasts
- Past processing history (if you have it)
- Marketing material
- Current business contracts
High Chargeback Ratios
High chargeback rates create direct financial risk for merchant account providers. When a business gets frequent chargebacks, providers ask for a written explanation and your plan to fix it. You must also submit your expected sales volume and average ticket size so the provider can evaluate your overall risk.
High-Risk Industries
Businesses that sell 18+ products, concert or event tickets, airline tickets, or that ship to high-risk regions are considered high-risk merchants. To get lower fees or avoid a rolling reserve, these business owners must provide more supporting documentation during the merchant account application process.
Choose a Payment Processing Provider
Once you gather the required bank records and business files, select a merchant account provider that can handle your processing volume and industry requirements. The right partner will offer clear fees, secure software, and strong fraud protection tools. Take time to choose the right merchant services provider before you apply.
Frequently Asked Questions
How do e-commerce merchant accounts differ from standard store accounts?
Online sales are card-not-present transactions, which carry a higher risk of fraud. Processors will review your website before approving your account. They will check for clear refund rules, terms of service, secure checkout pages, and estimated shipping times.
How does my monthly sales volume affect my application?
Processors group businesses by monthly sales to measure financial risk. Small stores with low sales volume usually only need basic photo IDs and bank statements. Larger stores processing higher amounts must supply full financial records, security checks, and past processing history to get approved.
Thorough Document Prep = Faster Merchant Account Approval
Complete merchant account applications with all of the required documents give the payment provider a clear picture of your sales and operations. This clear visibility helps them tailor their fraud protection, payment gateways, and support to your exact business model.
Organised records move your application smoothly through standard merchant onboarding procedures without back-and-forth delays. Quick approval lets you start taking credit and debit card payments right away so you can grow your business. Although, if you do not have all your documents ready, Unicorn Group is glad to help guide you through the process.
Published: May 3, 2022
Last updated: August 14, 2026
A.J. Almeda is a payment processing and merchant services expert with 15 years of experience helping businesses optimise payment solutions, streamline their checkout process, and improve operational efficiency. With a strong background in e-commerce and digital marketing, he brings a wealth of understanding of online retail, omni-channel sales, and customer acquisition to help businesses grow revenue and scale successfully.