How to Get a Merchant Account

If you have an online or home-based business in which you accept payments, then having a business merchant account is absolutely necessary. People may turn away from your business if they don't feel comfortable with your payment options. Because a merchant account allows you to accept credit card payments, it's extremely valuable.

Difficulty: Moderate

Instructions

1. Check your credit report for a positive rating. Before you can begin the process, you need to be sure that there aren't any red flags on your credit report that may discourage a provider from approving your application.

2. Search for a credit card processor that works best for you and your business. Some of the more popular merchant services include: PayPal, ProPay and 2 Check Out (see Resources below).

3. Set up a U.S. bank account if you don't already have one. If you're without a U.S. bank account, an acquiring institution can help you. They will set up your account to utilize a payment processor.

4. Select your payment processor and apply for a business merchant account.

Tips & Warnings

• Be aware of the fees and other costs involved: transaction fees, reserve fees, chargeback fees, monthly minimum fees, equipment costs, e-commerce costs, and the discount rate.
• Find out if there are any transaction limits. You certainly don't want your business merchant account to be shut down during a busy season.
• If necessary, be willing to comply with special requirements or pay fees that are a little higher. Don't skimp here. Making the payment process as easy as possible for your customers will cover extra costs many times over.

Who Can Help:

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Resources

• PayPal merchant services
• ProPay merchant services
• 2 Check Out merchant services

[smgrundy]

on 1/21/2009 If you are looking for a solid business partner and you want to deal directly with the credit card processor, rather than a third party, try contacting Global Payments. 1-877-525-1248