How to Accept Credit Card Payments
Collect the necessary documentation., Open a merchant account., Apply online or in person.
Step-by-Step Guide
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Step 1: Collect the necessary documentation.
Generally, you must have a business bank account before your financial institution will allow you to open a merchant account.
To open a business bank account, you will need your business license and your employer identification number (EIN).
Get your business license from the Secretary of State in the state where your business is located.
Get your EIN from the Social Security Administration., A merchant account is a bank account through which you accept and process any kind of electronic payment.
In addition to credit cards, it allows you accept debit cards, gift cards and ACH payments.
You can open a merchant account with your bank or through a third-party payment processor like PayPal.Banks assume some risk when they allow businesses to accept credit card payments through a merchant account.
Therefore, they require an underwriting process that evaluates the legitimacy and credit-worthiness of your business.
You can usually use the same merchant account to accept POS and online credit card payments.
When you set up your merchant account for your brick-and-mortar store, ask if it is transferable to your online storefront., Provide the required information.
You will need the name of the authorized signer on the account, your bank account number and routing numbers.
In addition, you will have to provide your EIN.
Bring estimates of the volume of transactions you plan to process.
Know your business start date, and provide your contact information. -
Step 2: Open a merchant account.
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Step 3: Apply online or in person.
Detailed Guide
Generally, you must have a business bank account before your financial institution will allow you to open a merchant account.
To open a business bank account, you will need your business license and your employer identification number (EIN).
Get your business license from the Secretary of State in the state where your business is located.
Get your EIN from the Social Security Administration., A merchant account is a bank account through which you accept and process any kind of electronic payment.
In addition to credit cards, it allows you accept debit cards, gift cards and ACH payments.
You can open a merchant account with your bank or through a third-party payment processor like PayPal.Banks assume some risk when they allow businesses to accept credit card payments through a merchant account.
Therefore, they require an underwriting process that evaluates the legitimacy and credit-worthiness of your business.
You can usually use the same merchant account to accept POS and online credit card payments.
When you set up your merchant account for your brick-and-mortar store, ask if it is transferable to your online storefront., Provide the required information.
You will need the name of the authorized signer on the account, your bank account number and routing numbers.
In addition, you will have to provide your EIN.
Bring estimates of the volume of transactions you plan to process.
Know your business start date, and provide your contact information.
About the Author
Megan Pierce
Committed to making lifestyle accessible and understandable for everyone.
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