Business Development Center

No matter how long you’ve been in business, you may not be sure about how to accept credit card sales from your clients. Perhaps you long to start processing credit payments so you can increase the amount of your sales revenue or offer your clients more payment transactions. Maybe you’re just tired of chasing bad checks or waiting for monthly payments on client accounts. If you’re ready to add credit card processing to your line of customer services, a merchant services account may be just what you need.

A merchant account associate can show you how to accept credit card sales by using the right type of processing equipment. By signing up for a merchant account, you will soon find out if you’re approved, and upon approval, you can start using your account to implement a credit processing system for just about any type of business you’re in.

A simple credit card terminal equipped with a printer can be plugged into an outlet at your store or shop to let your customers quickly swipe credit cards for easy payments on the purchases they make. Your merchant account underwriter will charge a certain amount for each transaction, or you might be able to opt for a low percentage rate on your monthly credit payment volume. If you’re in a window washing or another service business, or if you deliver items like baked goodies, you can lease or buy a wireless credit card processor to take with you in your travels for point-of-sale credit card payments.

How soon can a merchant account let you know how to accept credit card sales? The first thing to do is find a bank or another financial backer who will provide this type of account for your business. Then apply for your company account by filling out an online application or by completing and mailing a printed form. Some banks may charge an application fee of $100 or more, so find out ahead of time if you will need to pay this fee, and if so, you might want to consider shopping for another account provider.

Also check into the costs associated with a particular merchant account so you can find the best deal, as these can carry several types of fees, some of which may at first appear to be hidden. When your account is approved, you can immediately get set up with the right equipment to handle credit card payments, e-checks, and debit payments as well. You may even want to consider setting up a digital processing system so your customers can dial a toll-free number, browse products online or from a print catalogue they have already received, and punch in their orders as well as a credit card number and expiration date for payment. You don’t even have to hire someone to staff the phone line, although it is probably a good idea to have someone available for a few hours during a typical business day.

Ask your bank or another financial lender to tell you more about the ways in which a merchant account can show you how to accept credit card sales.

A card merchant account can put your business on the road to financial success. If your company is not yet accepting credit card payments, you are missing out on the powerful potential of this income stream. Many business owners who started taking credit card payments claim that their income has doubled while overhead costs have diminished. When you become eligible to receive credit card payments, you are likely to experience an increase in sales volume and chase fewer dud checks. To facilitate credit card payment, however, you will need to apply for a merchant account.

Start by finding a lender you can trust. This may be a bank you already work with, one that perhaps got your business started or helped it to grow to where it is today. If so, there is a good chance that the lender will continue working with you in this key operative. But if you do not have such a lender or if the one you do have does not seem eager or suitable for underwriting your merchant account, you will have to find another reputable bank, credit union, or other financial institution to facilitate this account.

Your card merchant account can make or break your company, so it is wise to spend time finding the best possible lender for this purpose. Don’t just grab the first deal to come along. Take time to shop the many available offers and compare terms before making a decision. All too often a new or small business owner will be dazzled by the array of benefits that suddenly become available through a merchant services card. Then, after implementing this account, expenses mount while income remains stable or falls and the company can experience a shortfall. Approximately 80% of small companies close their doors within two years. Don’t become a casualty of this predictor. If you are approved for a merchant account, use it according to your business plan or company budget.

Avoid investing large amounts into questionable activities. Start small by purchasing or leasing a basic credit card processor for your physical location. Or get a wireless unit for deliveries or remote destinations. You don’t have to spend thousands of dollars to get started. Go it one step at a time until you see how your customers respond and what your potential growth is shaping up to be. At that point you can always add more services, like an e-check processor or a pager, if you find they are truly needed for continued growth.

After getting approval for your card merchant account, you usually can start accepting credit payments immediately. Make sure you understand the terms of your account, which often boils down to a per-transaction rate of perhaps 20 to 25 cents. Or you may be able to opt for a low-interest monthly fee that may or may not impose certain minimums. In other words, you will be charged a baseline amount for up to perhaps 1,000 credit transactions. If your company does not get that many, you still have to pay the baseline fee, but you will not have to pay more, even if you get 2,000 or 3,000 credit card transactions, although this can vary from one lender to another. Check with local or online lenders for more details on applying for a card merchant account.