So you’ve decided to start accepting credit and, hopefully, debit cards….now what? Establishing a merchant account with a bank or third-party provider is the next step. In order to set up such an account, you must be the principal owner of your store or restaurant, and your business must be located within the United States. You must also have a Social Security number. When applying for a merchant account, ensure that you have a copy of a voided check from the bank account into which you would like your funds deposited, a copy of your driver’s license, a copy of your business license or similar documentation to prove that the business is legitimate, photographs of your operation’s location (and, if a retailer, inventory) and a copy of your tax return.

In determining whether to accept your application for a merchant account, the provider will look at the length of time you’ve been in business to ensure that you understand the market in which you operate, know the potential business risks you face, and more. Your credit rating will be examined to assess how well you have repaid past loans, and if you’ve had any liens, judgments or bankruptcies filed against you.

Shop around for a merchant account provider that best suits your needs, and don’t be afraid to ask questions. Inquire about the per-transaction transaction fee, or flat rate that will be charged for each transaction processed; as well as about the discount rate, or percentage of each transaction paid to the merchant account provider. If monthly charges fall under a certain volume, the processor may charge a higher percentage. Discussed too should be minimum fees, collected each month if your discount rate and transaction fees don’t add up to the monthly minimum specified on the original merchant application. Remember, also, to find out about fees for covering disputed charges (“chargebacks”) and about whether you will be required to set up a reserve account with the merchant account provider  to cover possible future losses.

Shop around for a merchant account provider that best suits your needs, and don’t be afraid to ask questions. Inquire about the per-transaction transaction fee, or flat rate that will be charged for each transaction processed; as well as about the discount rate, or percentage of each transaction paid to the merchant account provider. If monthly charges fall under a certain volume, the processor may charge a higher percentage. Discussed too should be minimum fees, collected each month if your discount rate and transaction fees don’t add up to the monthly minimum specified on the original merchant application. Remember, also, to find out about fees for covering disputed charges (“chargebacks”) and about whether you will be required to set up a reserve account with the merchant account provider to cover possible future losses.

Working with a POS software, point of sale hardware and service provider such as pcAmerica is the easiest way to obtain a merchant account. pcAmerica, in conjunction with A-AAccess, offers a complete cadre of merchant account and credit card processing services.