How to open a merchant account
Interested in learning how to open a merchant account? Then you will need to learn about the proper way to set up your merchant account details. For some, this is the hardest part of the process. Many do not feel they have the expertise or experience to set up their account correctly. This fear alone keeps many from stepping out. However, with the proper training and understanding, anyone can open their merchant account.
First, you will need to reach out to a merchant account provider. Not all merchant account providers are made equal. Many of these providers are local banks, organizations or lenders. When selecting the underwriter for your merchant account, you will need to find out the fees that will apply to your account. Some of the costs that a provider may charge you for are the application fee, setup, gateway, maintenance and membership (others fees can apply). There is generally an approval process that you must pass. During this process, you usually work with an assigned account representative that will help you to set up your merchant account details. This will empower your business to take credit and debit card payments.
Some Questions to Think About
Once in the process, you will want to verify some of the details of your account. A question to ask is about the service fee for opening an account (will you pay this first or will it be billed later). Who will install the credit card processing software (if this is required) and if you have to pay for this service separately? Also, find out how the business supports its clients. Do they have a customer service line? Is it open during specific hours or every day and hour? Also, how your information is secured (such as the transactions) and is there any hidden fees.
Fees
Your fees for setup should not be much. It's always good to have an overview of what might be expected. You do not want any surprises down the road (especially if they are affordable). The last thing you want is a merchant account you can't use. That would destroy the purpose of even having the processor in the first place. The general rule of thumb, "Not all processors are made equal"!
How Long Does It Take To Setup?
The time it takes to set up your merchant account should be minimal. It may take a few days to have everything operational so do not be alarmed. If your paperwork is in order and you have supplied accurate information a competent merchant account provider should have you up in no time. You have to ask yourself what products you need. How should these products be deployed? How will my people pay? Will their experience be user-friendly? All of these and more your provider should be more than happy to assist you with.
In conclusion, setting up your merchant account details is not a complicated process. With the right company, the process should be seamless and straightforward. Don't let people's horror stories fool you. You must partner with a good processor to get things done the right way and avoid a headache.
First, you will need to reach out to a merchant account provider. Not all merchant account providers are made equal. Many of these providers are local banks, organizations or lenders. When selecting the underwriter for your merchant account, you will need to find out the fees that will apply to your account. Some of the costs that a provider may charge you for are the application fee, setup, gateway, maintenance and membership (others fees can apply). There is generally an approval process that you must pass. During this process, you usually work with an assigned account representative that will help you to set up your merchant account details. This will empower your business to take credit and debit card payments.
Some Questions to Think About
Once in the process, you will want to verify some of the details of your account. A question to ask is about the service fee for opening an account (will you pay this first or will it be billed later). Who will install the credit card processing software (if this is required) and if you have to pay for this service separately? Also, find out how the business supports its clients. Do they have a customer service line? Is it open during specific hours or every day and hour? Also, how your information is secured (such as the transactions) and is there any hidden fees.
Fees
Your fees for setup should not be much. It's always good to have an overview of what might be expected. You do not want any surprises down the road (especially if they are affordable). The last thing you want is a merchant account you can't use. That would destroy the purpose of even having the processor in the first place. The general rule of thumb, "Not all processors are made equal"!
How Long Does It Take To Setup?
The time it takes to set up your merchant account should be minimal. It may take a few days to have everything operational so do not be alarmed. If your paperwork is in order and you have supplied accurate information a competent merchant account provider should have you up in no time. You have to ask yourself what products you need. How should these products be deployed? How will my people pay? Will their experience be user-friendly? All of these and more your provider should be more than happy to assist you with.
In conclusion, setting up your merchant account details is not a complicated process. With the right company, the process should be seamless and straightforward. Don't let people's horror stories fool you. You must partner with a good processor to get things done the right way and avoid a headache.