Merchant Services

Accepting credit cards can simplify payment processing and grow your small business

Small businesses that accept credit cards sell more products and services. That's why you need to set up a merchant services account with merchant service providers. This includes all types of non-cash payment processing, such as PayPal transfers, electronic checks, debit cards, credit cards, stored value cards and smart cards.  When you've set up a merchant services account that makes these "plastic" payments possible, it establishes credibility and easier transactions for all types of customers, from consumers to business to business (B2B).

Credit card, PayPal and electronic check payment processing is also essential for Web-based sales, opening up a whole new audience for your business. If you run an online or telemarketing business, you may need to pay higher fees and provide a deposit for establishing your merchant services account, as these start-ups are at a higher risk for credit card fraud.

The steps to setting up a merchant services account are simple: 

1. Establish your merchant services account through a bank, credit card processing service, or other merchant service provider. 
2. Provide credentials for approval through the merchant services account department. 
3. Get the proper payment processing equipment: software (desktop software or an online service) and hardware, such as a wireless card swipe terminal or a receipt printer.

Go to the major merchant service providers

Navigating the plastic payment processing world can be confusing, especially if you're new to electronic transactions. But major financial services companies can provide advice and guidance on how merchant services credit card processing operates.

Integrate payment processing with your accounting software

To streamline payment processing, consider using merchant services from major accounting software providers.

Power up your web merchant services with PayPal

PayPal is more than a payment processing system for online businesses. It has a full range of low-cost payment solutions, including "Virtual Terminal", which allows business owners to easily accept credit card payments online, as well as by phone, fax or mail.

Visit your local bank or financial service institution for merchant services

Most major banks thrive on small business accounts, and offer all types of credit card payment processing services, including those for web merchant services accounts.

Get discounted merchant services

Industry, professional or small business associations may offer merchant services and credit card payment processing solutions as a member benefit.

Consider wireless technology for payment processing

Payment processing can go mobile with the use of handheld wireless mobile technologies that let you accept debit card and credit card payments anywhere.

• Protect yourself against credit card fraud by asking merchant service providers what fraud protection services are available.
• Negotiate the best terms, as they vary at different merchant service providers. For instance, you can get equipment rental, monthly minimums, chargebacks, flat per-transaction fees, discount rate or a percentage of each sale.
• If you will be conducting online sales, decide if you should use lower-cost "batching," which means you collect card information and process manually offline, or if you need real-time processing, available from your merchant service provider.

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