Learn How to Set Up Small Business Credit Card Processing

Step 2: Set Up Your Merchant Account

Choosing a merchant account provider is the second stage in small business credit card processing (your payment processor). This entails extensive research into the finest payment processor for your company.

Some gateway service providers also offer merchant services, but you should search before deciding. It should also be noted that some payment processors have their own gateway services or agreements. You want to discover a processor that provides all of the credit card processing options you require to conduct transactions, as well as the best pricing for their services.

Keep These Key Features in Mind When Choosing a Payment Processing Company

Payment processors are not all made equal. Take the following characteristics and features into account when determining the best option for your small business.

Digital application and quick setup. You work in a fast-paced setting. Therefore, it’s critical to work with a processor who makes account and equipment setup quick and simple.

Low transaction fees and a favorable pricing structure. Inquire about your payment processor’s pricing model. What is their markup? What are their rates?

Ideally, your processor should provide transparent price and rate specifics. Better yet, select a service that does not take a percentage of your sales. Stax charges a monthly fixed price for unrestricted access to the direct cost of exchange rates.

There are no additional or hidden fees (see below). Avoid companies that charge additional costs in addition to credit card processing. Protection against fraud. You want a supplier who looks out for you and helps to prevent fraudulent transactions. Provides the money processing options you require. This could include integration with your POS system, EMV-compliant equipment, support for your shopping cart, POS terminal, virtual terminal, mobile card reader, and so on.