There are many options when deciding on what kind of credit card

merchant you wish to become.  Simply looking up the term using a search

engine comes up with many alternatives.  Some offer free services, some

offer advanced services for a fee and some are scams.  When choosing a

merchant you have to do your research.

The merchant you choose for your business should offer plenty of

options.  Credit card machines and services for all different types of

businesses are typical.  Credit card processing, types of credit cards

accepted, set-up/installation and programming should all be included in

those services.

Depending on what type of business you are in will greatly affect your

decision on what type of merchant you want to become.  Your business

will need either a Point of Sale (POS), credit card processing software

or an internet payment gateway.  In some instances companies will need

all three and services are available if that is what is needed.  

The Point of Sale (POS) is an on-site machine that processes credit

cards.  The processing software is available for businesses that make

sales via the phone or by mail.  An internet payment gateway is

required if sales will be made over the internet.

To become a credit card merchant you will want to set up your merchant

account for your company to have responsibilities in processing your

transactions and fees will vary from company to company.  The process

starts with a customer purchasing from your business, providing their

card details (either physically, by phone/mail or over the internet),

and if the transaction is approved the funds are transferred to your

merchant account (if the transaction is not approved then funds are not

transferred).  Once funds have cleared into your merchant account the

funds are then transferred to your business bank account, this process

usually takes about two days to complete but can vary depending on the

company you choose.

If you wish to become a credit card merchant then you will want to look closely at the following when deciding on your account:

• Customer Service (should be live 24 hours a day)

• Low Start-up Price

• Low Monthly Fee

• Easy Application Process

• Gateway Fee

• Statement Fee

• Monthly Minimum Fee

• Discount Rate

• Transaction Fee

• Address Verification Fee

• Virtual Terminal

• Payment Gateway

• Point of Sale Machine (PDQ Machines)

• Number of Days to Clear the Account

• Is eCheck accepted

• Fraud Protection

• All different types of cards accepted (Visa, Master Card, etc.)

Each of these is very important to discuss with your merchant account

provider.  Be sure to get the answers to all of your questions before

simply settling for what is offered.  Accepting payment cards can be

very profitable if the right account is utilized with the appropriate

options.

Becoming a credit card merchant will allow you to take payments

quickly, accurately and easily.  Many companies have old outdated

processing and it is important that you keep your company up to date

with all of the current technologies so you do not miss any potential

sales.

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