How to Get a Credit Card Machine
Open a business checking account with the bank of your choice., Estimate your total annual receipts., Research merchant service fees., Investigate the quality of a merchant service provider's customer service., Check to see that a provider offers...
Step-by-Step Guide
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Step 1: Open a business checking account with the bank of your choice.
The account does not have to be at the same bank as the merchant service provider, but you need a business checking account to accept payment from a merchant service provider. -
Step 2: Estimate your total annual receipts.
The merchant service provider will use this information to determine if you will be a worthwhile customer.
You need not supply the provider with an exact figure; estimating the amount of money you take in is enough. , Merchant service providers charge processing fees, as well as monthly fees, Internet processing fees, address verification charges, and a percentage of each credit-card-paying customer's bill.
Monthly fees average $10 a month.
Per-transaction charges can cost as much as $0.50, on top of a percentage of the transaction total. , Ask the provider how the company handles issues such as declined cards and chargebacks.
Find out if there a form of contact available to troubleshoot problems.
Ideally, you should be able to get help 24 hours a day, 7 days a week.
The service provider should respond to issues promptly and helpfully.
Make sure that there is an alternative method of running a card if your terminal goes down.
Choose a provider that offers next-day service to get you a replacement terminal. , Your options may be limited by the models your provider offers.
The 3 primary types of credit card machines include:
Wireless terminals.
These are available in a variety of configurations.
Self-contained units have a place to swipe the card, and then transmit and receive the data and print out the signature slip and receipt.
Prices on this type of terminal range from $200 to $600.
Cell phone swipers.
Every kind of cell phone can use some type of a swipe attachment to run a card.
Software that you install on the phone translates the data and uses the cell phone's network to transmit it.
The the customer receives a receipt via email.
Pricing starts at $80 for a basic unit, with advanced features increasing the cost.
Countertop machines.
These are the most common type of machine, seen in every store that accepts credit cards.
The machine connects through a phone line or wireless network.
Used or refurbished models can be purchased for as little as $70.
Pricing for new units start at $90. , Once a merchant service provider approves your application, you will be shipped a credit card machine. -
Step 3: Research merchant service fees.
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Step 4: Investigate the quality of a merchant service provider's customer service.
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Step 5: Check to see that a provider offers the type of credit card machine you need.
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Step 6: Submit an application to a service provider and wait for approval.
Detailed Guide
The account does not have to be at the same bank as the merchant service provider, but you need a business checking account to accept payment from a merchant service provider.
The merchant service provider will use this information to determine if you will be a worthwhile customer.
You need not supply the provider with an exact figure; estimating the amount of money you take in is enough. , Merchant service providers charge processing fees, as well as monthly fees, Internet processing fees, address verification charges, and a percentage of each credit-card-paying customer's bill.
Monthly fees average $10 a month.
Per-transaction charges can cost as much as $0.50, on top of a percentage of the transaction total. , Ask the provider how the company handles issues such as declined cards and chargebacks.
Find out if there a form of contact available to troubleshoot problems.
Ideally, you should be able to get help 24 hours a day, 7 days a week.
The service provider should respond to issues promptly and helpfully.
Make sure that there is an alternative method of running a card if your terminal goes down.
Choose a provider that offers next-day service to get you a replacement terminal. , Your options may be limited by the models your provider offers.
The 3 primary types of credit card machines include:
Wireless terminals.
These are available in a variety of configurations.
Self-contained units have a place to swipe the card, and then transmit and receive the data and print out the signature slip and receipt.
Prices on this type of terminal range from $200 to $600.
Cell phone swipers.
Every kind of cell phone can use some type of a swipe attachment to run a card.
Software that you install on the phone translates the data and uses the cell phone's network to transmit it.
The the customer receives a receipt via email.
Pricing starts at $80 for a basic unit, with advanced features increasing the cost.
Countertop machines.
These are the most common type of machine, seen in every store that accepts credit cards.
The machine connects through a phone line or wireless network.
Used or refurbished models can be purchased for as little as $70.
Pricing for new units start at $90. , Once a merchant service provider approves your application, you will be shipped a credit card machine.
About the Author
Sara Brown
Enthusiastic about teaching DIY projects techniques through clear, step-by-step guides.
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