Oct 13 2017

3 Ways to Set Up Credit Card Processing for Your Business #merchant #account #setup


How to Set Up Credit Card Processing for Your Business

Set up a gateway account. This is your doorway to digital commerce. There are a number to choose from, but look for the following features:

  • PCI DSS Compliant. This ensures that the gateway meets the requirements for Payment Card Industry Data Security Standard.
  • SSL (Secure Socket Layer) to ensure that the transactions are protected. Any reputable gateway service will have this.
  • Has full eCommerce integration, including shopping carts, email receipts, and support for recurring payments. This will enable you to sell your goods online as well as at your store, should you opt to go that route.
  • Report generation. This allows you to track sales and trends.
  • Rapid customer support. Whether it’s by phone or by an online chat, you want to be able to resolve problems fast .
  • Some popular gateway service providers include:
    • Flagship Merchant Services
    • Intuit Merchant Services
  • Visit TopTenReviews for a review of 10 top gateway service providers. [1]

Set up a merchant account. Some of the gateway service providers include merchant services, but you can shop around and find the best fit for you. Here are the features to look for:

  • Digital application and setup time. When it’s time to go into business, you want to get started as soon as you can, with the least amount of paperwork and hassle. Most applications take one to two days to process.
  • Monthly fees and transactions fees. Merchant services make their money with every transaction. The percentage differences may be small, but if expect to do a significant number of transactions, those little differences can really add up.
  • Credit card swiper. This is necessary for P.O.S. transactions. (In some cases, this is now possible using smartphones.)
  • Virtual terminal. This is necessary for online transactions.
  • Shopping carts. In order to sell products on an e-commerce site some credit card processing companies require you to have their shopping cart on their website.
  • Payment gateway. Do they have a gateway service of their own, or have a partnership? The top merchant account providers all have links with
  • Fraud protection. They should have address verification, SSL, and CVV—that 3-digit number on the back of credit cards.
  • Some popular gateway service providers include:
    • Flagship Merchant Services
    • Merchant Warehouse
    • National Bankcard
  • Visit TopTenReviews for a review of 10 top gateway service providers.

Balance cost with reliability. When shopping for credit card processing, you’ll quickly realize that rates and fees can vary greatly from company to company. It is always a good idea to get a half a dozen quotes before choosing a provider. That said, while looking for competitive rates, it is always best to make sure the credit card processor you intend to choose can support your business needs.

  • Test out the credit card processor’s customer and technical support lines before agreeing to use them permanently.
    • Call them several times at various times of the day through the week.
    • See how long you wait on hold before someone answers your call, or see if you are forwarded to an answering machine. It doesn’t matter if your services are the least expensive around––if your solution goes down, you have a lineup of customers wanting to pay, and you cannot get a hold of technical support to assist you.

Read the fine print. Be careful before committing to an agreement with a credit card processor, particularly as most agreements are for at least three years and come with some heavy early termination fees. Ask for references and testimonials.

Written by admin

Leave a Reply

Your email address will not be published. Required fields are marked *