How to Set Up Credit Card Processing for Your Business
Set up a gateway account., Set up a merchant account.
Step-by-Step Guide
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Step 1: Set up a gateway account.
This is your doorway to digital commerce.
There are a number to choose from, but look for the following features:
PCI DSS Compliant.
This ensures that the gateway meets the requirements for Payment Card Industry Data Security Standard.
SSL (Secure Socket Layer) to ensure that the transactions are protected.
Any reputable gateway service will have this.
Has full eCommerce integration, including shopping carts, email receipts, and support for recurring payments.
This will enable you to sell your goods online as well as at your store, should you opt to go that route.
Report generation.
This allows you to track sales and trends.
Rapid customer support.
Whether it's by phone or by an online chat, you want to be able to resolve problems fast.
Some popular gateway service providers include:
Flagship Merchant Services Intuit Merchant Services Authorize.net Visit TopTenReviews for a review of 10 top gateway service providers. -
Step 2: Set up a merchant account.
Some of the gateway service providers include merchant services, but you can shop around and find the best fit for you.
Here are the features to look for:
Digital application and setup time.
When it's time to go into business, you want to get started as soon as you can, with the least amount of paperwork and hassle.
Most applications take one to two days to process.
Monthly fees and transactions fees.
Merchant services make their money with every transaction.
The percentage differences may be small, but if expect to do a significant number of transactions, those little differences can really add up.
Credit card swiper.
This is necessary for P.O.S. transactions. (In some cases, this is now possible using smartphones.) Virtual terminal.
This is necessary for online transactions.
Shopping carts.
In order to sell products on an e-commerce site some credit card processing companies require you to have their shopping cart on their website.
Payment gateway.
Do they have a gateway service of their own, or have a partnership? The top merchant account providers all have links with Authorize.net.
Fraud protection.
They should have address verification, SSL, and CVV—that 3-digit number on the back of credit cards.
Some popular gateway service providers include:
Flagship Merchant Services Merchant Warehouse National Bankcard Visit TopTenReviews for a review of 10 top gateway service providers.
Detailed Guide
This is your doorway to digital commerce.
There are a number to choose from, but look for the following features:
PCI DSS Compliant.
This ensures that the gateway meets the requirements for Payment Card Industry Data Security Standard.
SSL (Secure Socket Layer) to ensure that the transactions are protected.
Any reputable gateway service will have this.
Has full eCommerce integration, including shopping carts, email receipts, and support for recurring payments.
This will enable you to sell your goods online as well as at your store, should you opt to go that route.
Report generation.
This allows you to track sales and trends.
Rapid customer support.
Whether it's by phone or by an online chat, you want to be able to resolve problems fast.
Some popular gateway service providers include:
Flagship Merchant Services Intuit Merchant Services Authorize.net Visit TopTenReviews for a review of 10 top gateway service providers.
Some of the gateway service providers include merchant services, but you can shop around and find the best fit for you.
Here are the features to look for:
Digital application and setup time.
When it's time to go into business, you want to get started as soon as you can, with the least amount of paperwork and hassle.
Most applications take one to two days to process.
Monthly fees and transactions fees.
Merchant services make their money with every transaction.
The percentage differences may be small, but if expect to do a significant number of transactions, those little differences can really add up.
Credit card swiper.
This is necessary for P.O.S. transactions. (In some cases, this is now possible using smartphones.) Virtual terminal.
This is necessary for online transactions.
Shopping carts.
In order to sell products on an e-commerce site some credit card processing companies require you to have their shopping cart on their website.
Payment gateway.
Do they have a gateway service of their own, or have a partnership? The top merchant account providers all have links with Authorize.net.
Fraud protection.
They should have address verification, SSL, and CVV—that 3-digit number on the back of credit cards.
Some popular gateway service providers include:
Flagship Merchant Services Merchant Warehouse National Bankcard Visit TopTenReviews for a review of 10 top gateway service providers.
About the Author
Gary Rivera
Committed to making pet care accessible and understandable for everyone.
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