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A small business merchant account is a system that enables your business to process credit card transactions. Merchant accounts can be expensive, but they are a good idea for most businesses because customers have become so accustomed to paying with credit cards that many of them don't even carry cash. If you have a small business merchant account, you can increase your customer base and sales volume by accommodating these potential customers. |
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Step 1 Contact a number of merchant services companies and ask about their rates and terms. Some companies charge a high fee per transaction but take a low percentage of your sales volume, while others charge a low fee per transaction and a higher percentage of your sales volume. Some charge especially high fees for transactions that you input by entering the card number when the actual card isn't present, such as when you take telephone or Internet orders. Choose a merchant services company whose fees make sense for the type of transactions most common in your business. Step 2 Contact the company you've chosen, and discuss your interest in setting up an account. The company will send a representative to meet with you and help you fill out the requisite paperwork. Ask the representative about options for leasing or buying credit card terminals and printers. Step 3 Submit your paperwork to the merchant services company. After your information is process, the company will send you instructions, a manual and a support telephone number. Set up your terminal and printer according to the instructions you receive. Call the customer support number if you have any questions or concerns. |
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