No matter what market you are in today, accepting credit cards is a necessity. A business owner who is unaware of the process can find it intimidating. Accepting payments doesn't have to be a burden. If a business owner follows some simple steps and knows a bit about the credit card industry, he or she can make a confident selection of a payment provider. 



Before accepting noncash payments, businesses must first understand how they will be taking payments. Are they planning on using counter-top or POS systems? Will they be accepting sales via the phone, entering the transactions manually, or will they be accepting sales through an eCommerce site? These options may even be combined. The business should know what it needs or might need in the future when getting quotes from providers. A business can then verify upfront how much it will cost, and whether the processor will be able to accommodate it.

Which Payment Provider?

The first thing most business owners do when they open their doors is to go to their bank to accept credit cards. These banks are not always the best option, because they have higher rates, a lack of industry knowledge, and a lack of personalized customer service. 

Here's why. Traditional banks specialize in saving and loans, and payment processing is one of the value added services they offer. Since it is only a side offering, they do not devote resources to it, and instead hire a third party to handle the account set up and maintenance. Generally, it's similar to working with an independent agent or a merchant account sales organization. Banking institutions and third parties expect that people who come directly to them are less likely to shop around. That is why they have the ability to charge higher prices than others in the industry.

It can be extremely useful to choose a provider who specializes in credit card processing and payment acceptance across a variety of platforms. A specialized processor can offer competitive equipment pricing, flexible rate structures, and specific expertise for each business. 

It is very important to choose a credit card processing company you can trust. Do your research and know what questions to ask. 

• Have you been helping businesses accept credit cards for a long time?
• What kind of services, equipment, and payment program would you suggest for my business?
• Would you mind telling me about your monthly fees and processing rates?
• How long will it take for me to start accepting payments?

This is just a small sampling of relevant questions, but it is important to note the preparedness and sincerity of the feedback. In response to these questions, the business owner can compare between various processing companies and make an informed decision about which one would be the best option for the specific needs of the business. 

The Application Process

It is important to prepare for the underwriting process to minimize the chances of delays. Business owners sometimes want to start up as quickly as possible but run into issues with applications.

Applications departments usually run independently from sales departments, and you would think they are taking too long with your application. They are, however, responsible for assessing risks and for preventing any type of fraud or illegal activity on their networks. 

Owners of small businesses should be prepared to complete the application completely and to submit it along with a void check or bank letter. Businesses should also include the following information, as processors may request it, especially for new businesses.

• Proof of Existence
• Governmental filings: DBA, EIN, Business License
• Marketing Docs: Promo Material, advertisements
• Driver’s License, Passport or other government issued photo ID.
• Industry Licenses (if applicable)
• Credit Card Processing Statements (if applicable)
• 3 most recent months 

By having this information available when looking at a new account, the underwriters will be able to speed up the process. Additionally, they can confirm the legitimacy of the business as well as their understanding of it.

After reviewing all materials, the underwriters will approve, decline, or pend, the account requesting more information. In most cases, this process lasts only a day or two, but some circumstances may cause it to take longer.

This task will now be assigned to the processor's technical team. After your processor builds the file and deploys the equipment your business will use, you can begin accepting payments from your customers. To make sure that everything is all set up correctly, you need to run a few test transactions to ensure that you know how to use the system and that you are receiving deposits. In addition, business owners should make sure that their staff is trained on how to use the equipment correctly. The processor's technical support group will be able to assist with this.

For more information on setting up a merchant account, call 888-350-0147 or info@epicmerchantsystems.com.