Merchant Services | How-to Guides for running your business from Business.com

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 (B-to-B).

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. Get the proper payment processing equipment: software (desktop software or an online service) and hardware, such as a card swipe terminal or a receipt printer.

Action Steps
The best contacts and resources to help you get it done

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.

I recommend: I recommend: Sign up with major merchant service providers, such as American Express, Visa, and MasterCard, to start accepting these popular credit cards. You'll also find informative guides that detail the basics of setting up a merchant services account for websites, retail businesses, restaurants or any other small business.

Integrate payment processing with your accounting software

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

I recommend: QuickBooks merchant services offers credit card processing for web stores, for face-to-face transactions or for phone, fax or mail order transactions. With this system, transactions are automatically entered into your QuickBooks accounting software.

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.

I recommend: Compared to many banks, PayPal offers a simpler and faster web merchant services account setup process and allows you to begin taking credit card payments almost immediately.

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.

I recommend: Bank of America and Wells Fargo are well-known reputable banks with small business divisions catering to start-ups.

Get discounted merchant services

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

I recommend: I recommend: The National Federation of Independent Businesses (NFIB) offers discounted merchant services through Solveras Payment Systems.

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.

I recommend: Industry leaders Authorize.net and Cardservice International both offer merchant services along with complete wireless solutions.

Tips & Tactics
Helpful advice for making the most of this Guide

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.

The official source of Merchant Services is the Merchant Services page at Business.com

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