
Setting up a merchant account is not complicated at all. For the most part, it takes about 15 minutes of your time which you are willing to spare for setting up an account with one of our recommended electronic payment processors.
10 steps have been highlighted below that will help you in setting up your new merchant account smoothly. Just follow these steps and you'll be ready to start taking online payments in no time.
Step 1: Determine The Type of Electronic Payment Processor You Need
Before starting the application process, it is important to determine what type of payment processor your business will need. For example, if you are selling services or products where consumers cannot buy with a credit card, you will need an online payment processing account that can accept other forms of payments.
Step 2: Locate An Electronic Payment Processor
You can use Google to search for "online electronic payment processors" and locate one in your area. You might also look on the internet at Master Card or Visa websites to find a list of their approved payment processors.
Step 3: Compare Processor Fees
When you have a few processors in mind, it is important to compare the fees they charge. This includes the sign-up fee, monthly fee, and per-transaction fee. Remember that not all processors charge the same fees, so it's important to compare them before making a decision.
Step 4: Gather Your Business Information
Before you can complete the application process, you will need to provide some basic information about your business. This includes the company name, address, and contact information. You might also be asked for your Dun & Bradstreet number.
Step 5: Complete The Online Application
After you have gathered the necessary information, it's time to complete the online application. This will include your business contact information, as well as your bank account and routing number.
Step 6: Upload Your Company Documents
The processor will also ask you to upload some company documents for verification purposes. This can include your company's Articles of Incorporation, Employer Identification Number (EIN), or Dun & Bradstreet number.
Step 7: Wait For The Processor's Approval
After you have submitted your application, it will take a few business days for the processor to review and approve it. Once it is approved, you will need to sign an agreement and provide your business banking information.
Step 8: Activate Your Merchant Account
After you have completed all of the necessary steps, the processor will activate your merchant account. At this point, you will be able to start processing payments.
Step 9: Start Accepting Payments
Now that your merchant account is set up, you can start accepting payments.
Step 10: Monitor Your Electronic Payment Processing Activity
Lastly, you need to monitor your electronic payment processing activity on a daily basis. This will make it easier for you to track your sales and manage your expenses. It also helps you keep an eye on your monthly fees charged by the processor. Remember that if the fees go too high, you can always switch to a new processor for better rates.