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What are the steps to open a Merchant Credit Card Account?

Home » Small Business » Merchant Credit Card Accounts » What are the steps to open a Merchant Credit Card Account?

There are three main questions to ask when opening a Merchant Credit Card Account.

1. What type of business do I have? Your business type determines what options are available in credit card processing.

• Retail or Restaurant Business.
o Face to face businesses with customers in a store, restaurant or hotel. Sales are processed by a card swipe terminal or software with a card swipe device connected. These companies get the lowest discount rate.

• Mail Order Business.
o Most sales are through the mail or over the phone. If you do not swipe a customer's credit card and get an ink signature on a receipt, your rates will be higher because the card is not present for merchant examining and swiping.

• Internet or Online Business.
o Most sales happen from your website. Rates will be higher because of higher risks.

2. What services do I need from a Merchant Account? Cost and transaction fees vary depending on which services you choose. Some services, like security, are essential. Options available with additional fees include

• Secure, encrypted, SSL (Secure Socket Layer) to protect against fraudulent transactions
• Manual transactions and recurring billing
• Real-time online transactions from your website
• Ability to access orders, transactions and reports from any computer in the world with Internet access
• Accept checks over the Internet and credit and debit cards
• Unlimited number of users simultaneously
• Tech support by a representative, email or phone
• E-commerce merchant accounts and virtual terminals
• Free processing equipment, software, or Internet gateway

3. What type of payment processing do I want? Your choice depends on whether you want to sell on the Internet, through mail, phone order or retail.

• Internet processing
• PC processing
• Terminal processing
• Wireless processing

Next Page: What are the different kinds of Merchant Credit Cards?

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