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 Banks consider
Merchant accounts to be a 'loan' and underwrite the issuance
of a merchant account much like a loan, requiring an application,
supporting documentation like tax returns, acceptable products/services
and good credit. Non-bank institutions tend to be more liberal
in issuing merchant accounts; some of them requires only
name, address, and a form of ID.
- Contact the bank where you have your checking account
for details on opening a merchant account. (If you do
not already have a checking account for your business,
you should establish one.)
- Comparison shop for other companies that perform credit
card transactions. Be careful though, there's a lot of
fraud out there these days!
- Read all pricing details to assess all the charges that
will apply to transactions. (Usually, you will want to
go with the company that provides the lowest per-transaction
fee, even if you have to pay a small set-up charge.)
- After deciding which company you will use, fill out
all account set-up paperwork and pay any required fees.
Many companies will run a credit-check on you before opening
your merchant account.
- Learn how to process card charges according to the instructions
you will receive upon account activation.
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