How to Accept Credit Cards Online as a Business

There are a few things that businesses need to do prior to being able to accept credit cards online. Accepting credit card payments can help to boost sales. This article will show what needs to be done in order to begin to accept credit cards online as a business.

Difficulty: Easy

Instructions

Things You'll Need:

• Business License
• Checking Account
• Merchant Account

1. Obtain a business license. Any working business should have one anyway and one needs to be obtained in order to complete the remaining steps.

2. Open a business checking account. Payments made using credit cards will be deposited to the business checking account. You must show banks a business license in order to open the account.

3. Apply for a merchant account. These are companies that actually process the credit card payments. Be sure to shop around because different companies will charge different fees. Some just charge per transaction and others will also charge a monthly fee. To apply with one of these companies, they will normally want an estimate of the current monthly sales volume (be honest), a copy of a business license, the personal information of the business owner (including social security number, driver's license number, etc.,) and the business bank account information.

4. Purchase a credit card machine after the merchant application has been approved. This will allow you to swipe credit cards and obtain the necessary payment information needed for processing.

5. Begin to accept credit cards online. Payments can begin being accepted once the merchant account application has been approved.

Tips & Warnings

• If you want to be able to accept credit card payments at a brick and mortar store, you'll need to obtain a credit card processing machine (or terminal).
• If credit card payments are being processed online, be sure to set up a shopping cart on your website or at the very least, a form that will capture the customer's credit card information so it can be processed manually.
• Be aware that any refunds given to the customer will be taken directly out of the business checking account.
• Be completely honest on the merchant account application.

[pennynickols]

on 7/24/2009 Your article, How to Accept Credit Cards Online as a Business, is one facet of e-commerce I didn't know anything about. Thanks.

[musicdeb]

on 5/27/2009 Thanks for the practical steps to accept credit cards online.5*

[02SmithA]

on 5/15/2009 Gotta have this to be a major business.. thanks for the tips!