Many customers prefer to pay with credit cards.Accepting credit card payments can increase your business.Determine how you want to interact with your customers.There are many ways to accept credit cards.You can accept payments using a point of sale system, a mobile credit card processing system or the internet.
Step 1: The documentation needs to be collected.
Before you can open a merchant account, you need a business bank account.If you want to open a business bank account, you will need your business license and employer identification number.You can get a business license from the Secretary of State in your state.You need to get your EIN from the Social Security Administration.
Step 2: You should open a merchant account.
A merchant account is a bank account that you use to process electronic payments.You can accept credit cards and other payment methods.You can open a merchant account with your bank or third-party payment processor.Businesses can use a merchant account to accept credit card payments.They require an evaluation of the legitimacy and credit-worthiness of your business.You can use the same merchant account to accept online payments.If you set up a merchant account for your brick-and-mortar store, ask if it's possible to transfer it to your online store.
Step 3: Apply online or in person.
The required information should be provided.You will need the name of the authorized signer on the account, your bank account number and routing numbers.You will have to give your EIN.Estimates of the volume of transactions are needed.Provide your contact information if you know your business start date.
Step 4: You can choose a POS for brick-and-mortar locations.
If your business does a lot of transactions and has a physical location, a POS system might be right for you.Customers can complete their purchases at a specific location in your business.Employees can be trained to use the equipment.Businesses that use a POS system include spas, restaurants and retailers.
Step 5: The equipment is necessary.
There is a checkout terminal you will need.This includes a credit card reader, a near field communication reader and a bar scanner.A cash register and printer are required.The credit card company gets the customer's information when the card is swiped.You will get confirmation that the payment has been accepted or declined.The payment is sent to your bank account.There is a choice between a traditional or mobile POS system.A traditional system includes a credit card terminal, a cash register, and a receipt printer.A mobile POS system can be used with a mobile device.It has a stand for your mobile device, a credit card reader, and a plug for a headphones.
Step 6: Pay the fees.
The price of a POS system can vary.The types of credit cards you accept and the type of POS system you choose have an effect on the cost.The cost may be impacted by the volume of sales.Credit card fees range from.35 percent to 3.7 percent.You must pay a set amount of 10 cents to 30 cents per transaction.The cost for equipment can be purchased or leased.In the case of fraud, chargeback fees occur when you have to return funds to a customer.$30 per month is how much these can cost.The sign up, application and subscription fees are charged by some vendors.If you want to end your service early, you will have to pay a fee.Payment Card Industry compliance fees can be as high as $100 per year.
Step 7: If you choose this option, you will be able to accept payments anywhere.
A mobile payment processor would benefit a repair person, street vendor, or food truck operator.A mobile payment system would make it easier for you to work in flea markets or craft fairs.If you have a brick and mortar store and want to accept payments from anywhere in the store, this is a good option.
Step 8: Purchase equipment.
If you want to accept credit card payments on your mobile device, you need an app.You can use any of the above.A credit card reader is required for these apps.The reader reads the magnetic strip on the credit card.Make sure the card reader you use is compatible with your device.It is possible to choose one that works with both systems.
Step 9: Pay the fees.
Depending on the vendor you use and the volume of sales, the costs of using a mobile credit card payment processor can vary.A monthly statement fee can range from free to $35 per month.Monthly minimum fees can be as high as $25 per month.Transaction fees vary.A flat fee of 10 cents to 30 cents per transaction is included.
Step 10: Do you think this option is compatible with your business?
Customers need a way to make purchases with their credit cards if you run an online business.Businesses can use an online credit card payment system.It is possible for brick and mortar stores to choose this kind of system over a POS system.A mobile business may choose to accept online payments with a laptop instead of a mobile device.A brick and mortar store would need a credit card reader to connect to a laptop.
Step 11: Pay with a payment gateway.
If you already have a merchant account, this is the method for accepting online payments.Signing up with a payment gateway is all you have to do.The gateway is similar to a credit card reader.It works with your merchant account to process credit card payments.Customer support is usually offered by payment gateway companies.Large businesses that need personalized systems are usually compatible with the options the usually offer.
Step 12: You can choose an all-in-one online payment solution.
If you don't have a merchant account, choose an all-in-one online payment solution.You can have a merchant account with these services.It's easier to set-up for these kinds of systems than it is for a separate merchant account.If you fill out two sets of applications, you don't have to worry about waiting for them to be processed separately.Customers may be directed away from your website when making payment.If you use PayPal, your customers may be directed to the site during their payment transactions.
Step 13: Pay the fees.
The fees are based on the volume of sales and the provider you choose.The set-up fees for a third-party processor are lower than a POS or mobile system.Most of the time, you don't have to lease or purchase equipment.Transaction fees can be higher.The tier system is used by some third-party processors.Transactions fees decrease as the volume of transactions increases.