How to Accept Credit Cards on a Business Website
- 1). Ensure that you meet the requirements to qualify for a merchant account. These may differ from one Merchant Account Provider (MAP) to the next, but will typically include: **At least 18 years of age**U.S.-based business**A social security number **U.S. Checking Account **Federal Tax ID number for a corporation
- 2). Research your options. There are several MAPs available today that can establish a merchant account and get you started accepting credit cards on a business website. See Resources below for a list of the leading providers.
- 3). Make a short list of providers, and then contact them for a quote on their rates and fees. Keep in mind that the merchant account rates are not set in stone–you may be able to negotiate better terms for yourself.
- 4). Compare the rates, terms and benefits of each provider. Ensure that the rate that you are quoted is specifically for online transactions (or any other credit card transactions you will also make). It is not uncommon for a mail order business to mistakenly sign up for a retail merchant account with much lower rates, only to be charged far higher fees because they are not manually swiping their customers' credit cards.
- 5). Determine as well as you can your average sale as well as your projected credit card volume. Merchant providers will ask for these figures to determine the amount of risk you represent. If you over- or underestimate your earnings, then your merchant Account Provider may shut you down or require more credit-related information.
- 6). Read the contract and its fine print very carefully before you commit. Some contracts could be as long as 5 years, with stiff penalties attached if you cancel the service prematurely. Do not hesitate to clarify any incomplete or unclear information with the provider.
- 7). Choose your provider from your shortlist. Contact your bank to make sure that it can receive your payments from the MAP that you select.
- 8). Contact the merchant account provider to initiate the application process. Once your application is completed and if you meet their requirements, the MAP will provide the software you will need to accept credit cards on a business website.
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