If your business is new or not yet accepting credit card payments, you’re probably wondering how to accept plastic and how much it will cost. These steps will walk you through the process of setting up credit card processing for your business, and provide questions to contemplate.
Decide which type of processor will be the best fit for your business. Should you work with an aggregator, a merchant services provider or a direct processor? How do you know which type of credit card processing service you need?
Identify how you plan to accept credit cards, and evaluate equipment options. Do you plan to accept credit cards online or at a brick-and-mortar store, or do you prefer a mobile credit card processing solution that uses a smartphone and a card reader? Do you want to accept payments multiple ways?
Learn about credit card processing fees and pricing models. This helps you know what to look for, and whether you’re getting a good deal or paying more than you should.
Call three or more credit card processing companies for pricing quotes. Many service providers customize their rates for each client, so you need to figure out a good deal for your unique business. You also need to know what information you should never give a sales rep until you’re ready to sign up with a processor.
Read the contract before you choose a processor. Find out which terms are negotiable, where to find hidden fees and when you should look for a different option.
Apply for a credit card processing account. Once you’ve decided which payment processor you want to work with, it’s time to apply for a merchant account.