What are the steps to set up a merchant account?

1. Have a Business Plan - This plan need to include the following: 

1. Exactly what product or service you are providing.
2. What will that cost to make/acquire/distribute/marketing & sell! 
3. What is your product inventory or list of services with pricing.
4. Who is your Target Audience?
5. How will they pay you for your product or service?
•  In-person @ a store or office
• Online @ Website
• Branded Proprietary Mobile App
• Via Invoice or Recurring Payments
• Mobile Payment Capture via card readers 
6. How will the customer get the product or service? Delivery/Shipped/In-person/Pick-up
7. What should your average sales ticket be and how much do you think you will sell monthly? 

These are questions that a new business needs to consider prior to moving forward without any further costs incurred. Once you know the answers to these questions, then you can move forward with investing in your new business. 

2. What do I need to start a business?

1. You will need to create your Articles of Incorporation documents. There are many online temples for this document or better yet to protect you and your company, hire an attorney to properly set up these important documents. Cost will vary.
2. Go to Apply for an EIN - there will be a cost to this.
3. Register your Business with your state's Department of State-Divisions of Corporation - upload and pay for your business to be registered with your state. 
4. Once you have created and filed all these documents and filed them with your state, you are ready to move forward.
5. Find a location and sign a lease. Or if home office have that information ready. 
6. Open a bank account for your business. Check both banks and credit unions to see which is the best fit for your business. Credit Unions are less expensive than banks. 
• BE CAREFUL when working with these institutions, they are required to sign up business up for everything they offer. Their philosophy is the more they control your business, the harder it is for you to leave them! 
• Make sure they give you a bank letter or starter checks that contain your Business Name, address and phone #. This is required for merchant account and other services you may need to get started! 

3. First and foremost, there are many things one has to take into account before making a final decision about a merchant account provider. While rates may seem the most important, the best is actually based totally on your business, how you will accept payment, what data are you looking to capture, what software best suits your company? And the merchant service companies want to know the average transaction amount, who your customers are, what your warrantee, guarantee and refund policies look like. They want to know you have done your homework and will be a solvent and prosperous business for them to partner with! 

1. Determine your payment model: 
• In-person (retail), eCommerce/Online/MOTO (card not present) type of merchant account, (Choosing the wrong will cost you money in penalties!) 
• This depends on your product or service and the demographics of your target audience. 
• B2B customers use business and corporate cards as payment.
• Consumers use Debit and Credit Cards as payment.
• Each of these demographics can be set up so you get the best rate possible on each and every transaction! (Ask us how!)
2. Determine any hardware or software you will use in your business: 
• Track Sales
• Employees
• Inventory
• Financials
3. Determine whether you will have and use a Website for eCommerce Sales and get that started. 
• Make sure to add a Mobile App or a Mobile based website (used most these days)
4. Check LOCAL merchant service providers! 
• You will not be calling an 800# for consultations, installations and customer service! 
• READ the fine print - NO CONTRACT OR PENALTIES should you dislike their company and want to end the relationship.
• Ask if they offer B2B Optimizer if you are a B2B Business and your target market is mostly other businesses, corporations or government entities! 
• Ask if you can connect with QuickBooks from their platform
• Ask if they offer FREE SOFTWARE PLATFORM that captures data on the customer, transactions and history. 
• Ask if they have 1 Free Software Platform that can be used to capture payments via a Website (eCommerce), Call Center (virtual), In-person (retail) or Mobile (in-person remote sales). All of these comes with our Software Platform and is included with your merchant account. 
• THEN ASK THE RATES! 

Merchant Providers promote what appears to be lower rates but if you are on the wrong type of account, working with the wrong credit cards based on your customers and using the wrong software/hardware, the rates are worthless!!! YOU WILL BE PAYING HIGHER RATES AND NOT UNDERSTAND WHY! 

Merchant Processing Solutions prides itself on our consultative approach with our merchant partners. We want long-term customers that know we focus on their success! We work directly with our merchant partners from start to finish; nothing is left to chance. When they work with us, they become family! 

If you are in the process of starting a business and want some guidance through these MURKY merchant waters, call us today! 

MERCHANT PROCESSING SOLUTIONS INC.

954-938-2420