How to Get Set Up to Take Credit Cards for a Small Business

A credit card terminal, like this one, is often the easiest and least expensive acceptance method for small businesses.

If you are starting a small business, it is important to be able to accept payment in any form. This includes cash, check, and, often most importantly, credit cards. Accepting credit cards is an easy process, though it takes some setup and costs to get started.

Things You'll Need

• Bank account
• Business records

Instructions

1. Go to the bank where your business accounts are held once your business is open or near opening. Because you already have a banking relationship, it is generally easier to work with your existing bank to open a credit card merchant account. Speak to a business account representative and tell him you want to open a merchant account to begin accepting credit cards.

2. Fill out any necessary documents to open your account. If your business does not have long records of profitability and sustainability, you likely will have to provide your personal information as well. A bank takes on a risk by offering a merchant account, and you will undergo a lengthy credit check before the bank will offer you the merchant account. Bring prior year business and personal tax forms, income statement and balance sheets (if you have them), photo identification, and any supporting records to prove you have profitability and positive cash flow.

3. Set up any equipment and train with the bank for equipment use. Most banks will send someone to your business to plug in your credit card machine or help you install credit card software on your computer. They will train you to accept payments and enter refunds using your system. Each terminal is different, and more expensive terminals have more features. The bank can help you decide which setup is right for you.

References

• Chase Paymentech: Frequently Asked Questions
• Bank of the West: Merchant Services