I reported on the name change of Nova to Elavon back in 2009. Elavon is the merchant partner for Costco. The contact information is also in the article Where can I contact Nova Information Systems?

I’m surprised to hear from Elavon merchants that there is no phone number on their merchant statement. Maybe it’s just not easy to find?

I used to recommend the Costco solution for small retail businesses, where a customer walks into your store. I’m neutral on that now depending on how small the business. If you process over $100,000 annually, it might be worthwhile to look somewhere else.

related articles:

What do I need to open a retail merchant account?

Why do companies choose my merchant services solutions?

The requirements to open a merchant account vary by merchant industry, estimated dollar volume of payment processing and how you’ll accept credit cards. Part 2 of this series examines the retail merchant who will process under $1,500,000 annually.

Retail means that the customer will pay in person and you’ll swipe the credit card for payment.

The merchant SIC code is used to assign risk. The higher the risk, the more documents required to open a merchant account. The level of risk varies over time. For example, when the mortgage crisis hit, flooring and furniture stores were relegated to high risk because they are heavily tied to the housing market. Below are some general guidelines for what you can expect.

LOW RISK MERCHANT ACCOUNTS
These merchants provide the fewest documents. A simple example is:
- application
- schedule A pricing page
- voided check or bank letter
- recent processing statement, if existing business

MID-RISK MERCHANT ACCOUNTS- All of the above, plus:
- 2 recent consecutive months merchant statements

HIGH RISK MERCHANT ACCOUNTS- All of the above plus:
- 3 recent consecutive months merchant statements
- personal guarantee

Note: Some processors will require 2 years business financials for mid and high risk merchants. Additionally, the business and personal credit score may be used in in determining your approval. We highly recommend that you are upfront with your sales agent about your personal credit score. If under 700, additional documentation and a personal guarantee may be required at any level.

Common question- Why do I need to provide my social security on the merchant application?

Part 1 of the series answers What are requirements to open an internet merchant account?

I specialize in consulting and merchant account set up for those processing over $1,000,000 annually.

Merchant Account and Payment Processing Newsletters, events, and marketing collateral. 3D Merchant shares insights with you. Not all newsletters are posted for public viewing.

3D Merchant news ISSUE 3, 2010: May Madness follows April price increases, Data Security- PCI Compliance, Internal Fraud Prevention, PCI Compliance fees. (PDF download 2mb)