Starting a small business is an exciting journey filled with opportunities and challenges. One of the most crucial aspects of running a successful business today is the ability to accept credit and debit card payments. Whether you're opening a local pizza shop, a mom-and-pop stationery store, or a thriving online business, understanding how credit card processing works and how to open a merchant account is essential. Choosing the right payment processing partner early in the process can make all the difference in your business success.

At EPIC Merchant Systems, we specialize in helping business owners navigate this process with ease, ensuring you work with real people who genuinely care about your success. Here’s a breakdown of what you need to know:

Why Accepting Credit Cards Is Essential for Your Business

In today’s digital economy, customers expect the convenience of paying with their preferred method—whether it’s a credit card, debit card, or digital wallet. Accepting card payments offers several benefits, including:

• Increased Sales: Customers tend to spend more when using cards versus cash.
• Improved Cash Flow: Payments are processed and deposited into your account quickly.
• Customer Convenience: Offering multiple payment options enhances the customer experience.
• Business Credibility: Accepting cards lends legitimacy and professionalism to your business.

Choosing a Payment Partner That Shares Your Values

When selecting a payment processing provider, it’s essential to choose one that aligns with your business values. Some payment processors actively work against certain industries and may impose restrictions that could hinder your business operations. Partnering with a company that respects your rights and supports your industry ensures that your business can operate freely without unexpected limitations or restrictions. At EPIC Merchant Systems, we stand by our commitment to supporting businesses that value freedom and transparency.

Understanding Merchant Accounts

To start accepting credit card payments, you'll need a merchant account—a specialized bank account that allows your business to process transactions. The key components include:

• Payment Processor: Responsible for handling transactions and ensuring funds are transferred from the customer’s card to your business account.
• Payment Gateway: A technology that securely captures and transmits credit card data for online sales.
• Point-of-Sale (POS) System: Hardware and software solutions that facilitate in-person payments, including card readers and payment terminals.
• Fees and Rates: Various charges associated with processing payments, such as transaction fees, monthly service charges, and equipment costs.



Types of Merchant Accounts

Choosing the right type of merchant account is crucial for optimizing your payment processing costs and meeting your business needs. Here’s a breakdown of pricing models:

• Interchange Plus Pricing: Offers transparency by separating interchange fees and processor’s markup but can be complex to understand.
• Flat Fee Pricing: Simple to predict but may be more costly for high-ticket transactions.
• Tiered Pricing: Groups transactions into rate tiers but lacks transparency and predictability.
• Dual Pricing: Allows customers to pay different rates for cash and credit transactions, offering fairness.

Selecting the Right Equipment

Selecting the right equipment based on your business model is key:

• Mobile Card Readers: Use an app on a phone or tablet, offering inventory and invoicing features.
• Countertop Terminals: Simple and reliable, requiring minimal training and ensuring smooth operations.
• Online Payment Gateways: Ideal for eCommerce businesses without requiring hardware.
• All-in-One Systems: Clover devices offer over 500 apps, letting businesses customize features like accounting and marketing tools.

Steps to Opening a Merchant Account

1. Evaluate Your Business Needs

• In-person, online, or both? Assess your estimated monthly sales volume.

1. Choose the Right Merchant Services Provider

• Work with a provider that aligns with your values and offers transparent pricing.

1. Prepare Necessary Documentation

• Business license, tax ID, bank account details, and owner ID.
• If your business requires a license, you may be asked to provide a copy.

1. Understand the Fees Involved

• Watch for monthly minimums, membership fees, and hidden costs.

Common Pitfalls to Avoid

• Ignoring Hidden Fees: Always review the fine print.
• Choosing the Wrong Provider: Avoid companies that don’t offer personal support.
• Not Considering Security: Ensure your provider offers fraud protection and PCI compliance.

Starting your small business is a big step, but you don’t have to navigate the complexities of credit card processing alone. Reach out to EPIC Merchant Systems today and let us help you get set up with the right merchant account that fits your business needs.

Let’s build something great—together.