To process payments so that your revenue touches your expected vision, you would require a payment gateway to manage your cash flow. Enquiring and comparing payment processors would give you a lot of information about the right set of services you will use.
Below are the steps by which you would understand how to set up a merchant account:
1. Determining how you will process credit cards:
An informed decision about how you will accept credit card is too important. There are multiple ways to accept a credit card.
– You can accept credit card payments through phone or by email.
– You can accept credit card payments via the website.
2. Research about the merchant account:
The best way is to connect with a bank and understand how a merchant account functions. Let the banker explain to you about the options available so you can eliminate your doubts. You would also have to do the same with a few providers to understand the diversity of the services. Well, the services you would require are with MSP (Merchant Service Provider), Banks or with the ISO (Independent sales organization).
3. Assess the payment processors and compare fees:
Consider the important facets while comparing fees simultaneously. Your business strategy would conclude to shortlist a few processors you may shake hand with.
Other components you may require could be:
– Experience: Ensure your payment processor has other merchants with the mutual business nature so your requirements will not be fresh to address.
– Customer Support: If there is business, there will be a problem, eventually. However, live customer support gives relief to the business mind.
– Control: Confirm your payment processor, if they can customize your client communications using the software also customizing payment forms.
4. Enquire if the payment gateway arrives along with a merchant account without scams:
Not all the merchant account providers provide payment gateway. Unless you have the payment gateway, you won’t be able to accept credit card payments. The significance of the payment gateway is to connect Major card association (MasterCard and Visa) to ensure the consumer has sufficient funds.
Protect yourself from scams, get to the depth if the deals sound too good to be true.