How Can I Get a Credit Card Machine to Use at Home?

Your home or online business will do more transactions and your customers will be happier when you accept credit card payments for your product or services. To obtain a credit card machine that you can use at home, you must first open a merchant account. Before you choose a merchant account provider, research different providers, as the terms and fees vary by company. Have patience as you complete the detailed process required to open a merchant account and get a credit card machine.

Things You'll Need

• Merchant account provider
• Merchant account application form
• Pen
• Guarantors

Instructions

1. Choose a merchant account provider by going into banks and asking for details of their merchant accounts. Go online and research online providers of merchant accounts. Compare the details of each provider you research, including upfront fees such as application fees, and hidden fees such as the fee per credit card transaction that you must pay your provider.

2. Complete the application form required to apply for a merchant account. Read through the form carefully, including all the fine print at the end. Collect and organize all the information you are asked to provide on this form, such as a copy of a voided check from your bank account, your business' refund policy, as well as details like name, address and business website.

3. Find two people who are willing to be guarantors for you and your business, attesting that they will cover your financial obligations in the event that you cannot do so yourself. Ask business associates and others who have a good reputation and are known to be financially solvent. Ask your guarantors to sign your application form for a merchant's account.

4. Present your completed application form to the merchant provider. Wait until you are notified that your application has been accepted. Go to the bank or other location to receive delivery of your credit card machine.

Tips & Warnings

• It is possible to set up a commercial account without a guarantor. Some bank's will accept proof of your business' financial strength instead of a private guarantee, or will accept a letter of credit. You may also be able to place some of your assets into reserve, or even find a commercial account source that does not require a guarantor.

References

• Money Tree Merchant Services: Merchant Credit Card Processing Agreement
• Bank of America: Merchant Credit Card Processing Basics