How do you set up a credit card/debit card machine for your business?

7 comments

1. 

   emmettgolf on January 23, 2010 at 9:28 am

   This place will do it for free - http://www.995merchantaccounts.com/

2. 

   Bryn T on January 23, 2010 at 9:28 am

   Here’s a great site for credit cards:

   http://bryn.betterratespro.com/

   They can outfit you with portable or business machines, and explain everything to you.

   Good luck, I hope this helps!

3. 

   Smoovy Loco on January 23, 2010 at 9:28 am

   These people might be able to help you

4. 

   imisidro on January 23, 2010 at 9:28 am

   You first have to apply for what is called a merchant account.

   Banks typically offer the best rates (but not all the time - Bank of America for example has steep rates), however they are also tougher to get. Some banks will even require you to submit a business plan before they approve your merchant account application. They are also very strict with the number of chargebacks that you are allowed in a month, and can terminate your account easily.

   Places like Costco offer good merchant account rates - their current rate is 1.64% plus 20¢ for Retail Classified Transactions (it will be higher for card not present transactions such as online selling or catalog selling where the credit card is presented to you when the item was purchased) http://www.costco.com/Browse/Productgroup.aspx?Prodid=11105019&Ne=4000000&N=4018296&Mo=0&cm_re=1-_-Top_Right_Nav2-_-Top_services&No=0&Nr=P_CatalogName:BC&cat=55487&Ns=P_Price|1||P_SignDesc1&Sp=C

   When choosing for your merchant account vendor, ask them the following questions:

   How much does the transaction cost - merchant account transaction costs, and the discount rate?
   Any exclusivity clause?
   Contractual period?
   Statement Fees?
   Monthly Fees?
   Yearly Fees?

5. 

   the one ya'll love to hate on January 23, 2010 at 9:28 am

   It usually comes with directions, or can’t you read.

6. 

   bubuane2000 on January 23, 2010 at 9:28 am

   Call your bank, they can give you the info, unless you are using an accounting program like peachtree, you can get it through them. pay a monthly fee, plus a percentage on each transaction. If you are some kind of construction company, you can always have your customer pay that fee by adding it on top of the invoice. Better chance with the bank since you are a customer, I’m sure they have better rates.

7. 

   Edweird on January 23, 2010 at 9:28 am

   Call your bank and let them know that you are interested. They will send someone out before you can say "And how will you be paying for that, sir?".