A lot of thoughts go into the process of choosing a merchant account provider. But this is just one of the many steps involved in setting up your merchant account. Several vital things must be done as part of the setup process. In this article, we cover some of the most important steps to take in getting your merchant account ready for use.
Figure out the credit card brands that your account will work with
One of the most crucial steps in setting up your merchant account is choosing the credit card brands that your account will work with. The most popular options are Visa and MasterCard. But you may have to consider other options as well depending on the credit card brands that are most commonly used by your target audience. Ensure that the merchant account provider you are using supports the credit card brand you intend to use with it.
Learn the kinds of Services You Want
Another vital step is to determine the kinds of services your business needs. This will influence your choice of a merchant account provider. The main purpose of signing up for a merchant account in the first place is to be able to take payments with credit or debit cards. However, the setup of your account will be determined by your specific business needs. For instance, if you run a business with a physical location, then your account must be set up to take payment offline (more like a traditional POS terminal). The setup process for this will be different from if you are only taking online payments.
Choose your payment model
You will also need to figure out how you want to take payment from your customers, whether it is going to be recurring billing or just one-time payments. Be sure that your merchant account provider supports the payment model you want to go with and confirm the rates they offer for each transaction. The rate typically depends on your expected business turnover. You may want to analyze this and present the essential documents to support your turnover analysis.
Prepare your website
This step is applicable if you run an online business and would like to take payment from your website. You need to have your website ready and also ensure that it meets the requirements of Visa, MasterCard, and other credit card providers. Preparing your website may involve ensuring the clarity of product descriptions, checkout, security, and delivery options, among other things. You will also have to set up the website hosting and domain information. You can connect a merchant account on a website with a unique domain and hosting.
Submit your application
Thanks to technology, it is now possible to submit your application for a merchant account and have your business verified entirely online. Get all your required documents ready and submit your application to your chosen merchant account provider. You will simply need to select the services you require and fill out an application online to have your account set up.
Once your application has been approved, all that is left is to set up the software or equipment that you will use to receive and manage payment. Usually, your merchant account provider will provide all the support you need for this step of the process.
By following these steps and with the help of your merchant account provider, setting up a merchant account should be simple and straightforward.