- 1). Compare rates and fees from different merchant account providers before you decide on one. A merchant account will deduct a percentage of each sale that you put through via credit card. These percentage rates can vary from as low as 0.9 percent to as high as 4.5 percent, depending on the risk level of your business. There are also a lot of fees involved when using credit card processing. There are set-up fees, annual fees and often, a small flat fee per credit card transaction. Some merchant acquirers may charge rental for hardware as well.
- 2). Open a business checking account, if you do not already have one. A checking account is necessary so that the funds that are processed through your merchant account can be deposited into a bank account. Make sure that the account you choose is able to accept deposits from a merchant account, and that the fees are reasonable.
- 3). Apply for a merchant account with the company of your choice. Fill out the company's application as accurately as possible. You will need to provide your bank's account and routing information, business information and promotional materials from your business so that the bank underwriters can evaluate your business. The application process can take up to 48 hours.
- 4). Decide if you would like to process credit cards with a virtual terminal, or a regular terminal. Terminals and supplies are usually included in your merchant account agreement for an additional charge. Your merchant account representative can help you program your terminal over the phone so that you can begin processing credit cards immediately.
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