How Do I Set Up Credit Card Processing for My Business?

The first step in accepting credit card payments is the hardest: figuring out which company you'll work with for your merchant account. Maybe you know someone who likes their current processor and gives you a recommendation or maybe you've done some online searching. Both of these are viable ways to start shopping around and getting quotes.

Here are some tips to get you started:

1. It usually helps to get quotes from at least 6 different companies, since the rates and fees will be different with each one. You'll also want to see a copy of the agreement before your make a decision since this will be where any additional costs will be listed, on top of the rate your quoted.
2. Test out each company's customer service friendliness. Call them on different days at different times and see how long you are placed on hold. Are the people answering the calls pleasant and helpful? These are important factors to consider in the event that you need their support.
3. Determine which type of credit card terminal you are going to need. Are you a consultant that travels to clients? You will need a mobile processing account with a swipe reader for your smart phone or iPad. Is all of your business going to be conducted online? You'll need both a merchant account and a payment gateway. If at all possible, do not lease your terminal; buy it outright. Leases last for multiple years and you will end up paying way more than if you bought the machine right at the beginning.

For more information on getting a credit card processing solution that's right for you, check out this video: