Getting started with a merchant account seems like a huge tasks, but it is really rather simple. You can expect to take the following steps in getting set up, so make sure that you plan ahead and leave yourself enough time to be up and running smoothly for your grand opening – whether you are opening a web store, a restaurant, a retail shop, or something else entirely.
Step One: Evaluate Your Needs
Before you can contact anyone or set up anything, you need to figure out what sort of service is going to best benefit your company. Consider how you plan to process transactions: in person at a fixed location? On the go at client's homes or craft fairs? Online via a website? This will help you determine what sort of equipment you might need, be it card swipe equipment for your point-of-sale system, a wireless device for mobile processing, or a shopping cart interface for your web store. Being able to explain your needs clearly will help with . . .
Step Two: Get Several Quotes
Once you have a basic idea about what you need, it is time to get in touch with banks and dedicated merchant service providers so that you can get some estimates for the cost of service, contract lengths and expectations, and any leasing fees that may apply. Make sure to find out the discount rates, the cost for leasing equipment versus purchasing it, and of course, how long the contract will last and how much you will have to pay when or if you cancel the service early. While you are obtaining quotes, get a feel for how you are treated by the representatives. You may find that a slightly more expensive service has reps who are more helpful and informative, and if this is your first merchant account, those are important qualities.
Step Three: Application Time
After evaluating the quotes you received, it is time to choose a service and put in an application. These are usually processed quickly, but can take a couple of weeks for everything to go through. Fill it out completely, read over the contract carefully, and then fax it in or send it via the web. Working with a specialized MSP, you should not have any trouble getting approved as long as your business is legal and you do not have any serious blemishes on your credit history. Expect to hear back within a few days until the provider tells you otherwise.
Step Four: Getting Your Equipment
Once you have been approved and your account activated, the processing company will send you what you need, be it card swipers, logo stickers, or other business tools. You should set these up as per the instructions that came with them, and read through the manuals to make sure you understand how they work so that you can handle your first customer's card with ease and efficiency. You will also want to record pertinent contact numbers (those used to obtain a phone authorization, for instance) and the name of your dedicated representative for any questions that arise. Keep these handy in case your equipment ever goes does in the middle of a business day.
You are ready to go now – may accepting credit cards make your business a successful one!
