How to Accept Credit Cards Online
How to accept credit cards online. In today’s competitive business environment it’s important for all businesses to take credit card payments from their customers; if you have an Internet business it’s critical you accept credit cards.
We’re going to explain how to accept credit cards online in this post. Setting up an Internet merchant account can be a very simple & easy process as long as you understand what you need to do and what will be expected of you.
In order to accept credit cards online you’ll need to set up 4 things. 1. Checking account for your business. 2. Merchant account. 3. Online payment gateway 4. Website to include terms and conditions.
Business checking account
Before you submit a merchant application you’re going to need to set up a checking account for your business. This account is where all of your credit card sales will be deposited and credit card processing fees will be debited. Most processors will allow you to use a personal checking account if your business is a sole proprietorship, as long as the person listed on the checks is the business owner. If your business is a corporation you must have a corporate checking account.
The processor will not accept a starter check so if you’re in a rush and can’t wait for printed checks, a signed letter from your bank will work fine. The letter should confirm the business name on the account, account and routing numbers.
Online payment gateway
Before signing a merchant contract check to be sure the processor is compatible with the online payment gateway you’re going to be using. If the processor uses an in-house payment gateway make sure it’s going to work with your shopping cart.
Merchant account application
If your business is a sole proprietor you’ll need to sign the merchant account paperwork. If the business is a corporation one of the owners or officers will need to sign. Whoever signs the paperwork will get their credit checked and should have a credit score of at least 600. Having a score below 600 won’t necessarily mean a decline but can make it more difficult to get approved. A corporation can get away without providing the signers personal info as long as they are willing to provide additional financial information.
Your website
Most processors will require your website to be live before they’ll review your merchant application for approval. In order to get approved your website will need the following info:
-product or service to include pricing
-shipping policy
-refund/return policy
-business contact information to include phone number
Our processor will approve your account without a live website. This is important because it allows you to set up your online payment gateway and test before going live. Very few processors do this.
Account approvals normally take 1-2 days. Once your Internet merchant account is approved you need to set up the online payment gateway. Most processors will do this for you. However, if you’re using a 3rd party now is the time to contact them. Once the payment gateway is setup you can link it to your shopping cart and go live!
Have additional questions about how to accept credit cards online? Call us today at 1-888-383-8056 and we’ll be more than happy to assist you.
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Most merchants are unaware that interchange rates are adjusted as much as 2x per year. Over the course of several years, those adjustments can hike up a merchant’s rate and cost the merchant thousands in processing fees. Contact us via the form above, or call us today at 888-383-8056. Chances are, we can save you up to 25% over your existing rates and fees!
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- We aim for 100% customer satisfaction. We understand that the customer comes first. At the end of the day, if the customer is not happy, we’re not happy.
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- We have solutions for every business type. From low-risk card-present credit card processing solutions to payment processing solutions for high risk e-commerce stores, we’ve got it all.
