New business owner processing card payment from customer

New Business Owner Payment Processing: Here’s What You Need to Get Started

Have you ever been frustrated when a business only accepted cash or checks for your purchases? Merchants that can’t accept modern forms of payment cause inconvenience at best and lose your business at worst.

If you want your new business to be up and running on the right foot, you’ll need to set up payment processing using a merchant account. Here’s how your merchant service provider can help you setup payment processing for a new business – allowing you to accept customer credit and debit cards easily!

Want to establish a merchant account and payment processing for your new business? Contact Cornerstone Credit Services today!

What Is a Merchant Account?

If you’re a relatively new business, you likely have considered using things like PayPal and Stripe to take electronic payments.

These companies are especially tempting when starting out as you can create an account almost instantly – without an underwriting process to be approved. However, payment aggregators that act as a “middle man” for your business can come with hefty consequences.

The two main issues are: 1) costly transaction and service fees for every purchase and 2) lack of control over payment processing (I.e. your account is frozen and you are unable to accept payments). The solution? Obtain your own merchant account without the third-party payment aggregator.

Essentially, a merchant account is a bank account that allows you to accept credit and debit card payments in your business. You will have to complete an application and underwriting process to verify that your business is legitimate and non-fraudulent.

Once approved, your business’s payment processing solution will be up-and-running.

Payment Processing: What Will My Rate Be?

Your business is unique, and the payment options, equipment, training, and service you need are unique as well. A merchant account provider will typically have to understand a little about your business before determining what your rates will be.

They will ask questions such as:

  • How do you accept cards? Ex) Face to face, over the phone, via the internet, etc.
  • What industry is your business in?
  • Do you experience large seasonal changes in volume?

While your rate will depend on several factors, answering these questions thoroughly will give you the best opportunity to save money on processing.

Accepting Payments: Ease-Of-Use

It will save you many headaches down the road if your payment solution integrates well with your other technology. Does it connect well to your website? What about your current POS system?

An easy payment processing system will allow you to take payments on the go as well. You should be able to accept mobile payments anywhere you take your phone or tablet!

In addition, double-check that things like card readers can be programmed or re-programmed to work with your payment processor.

Accepting Payments: Versatility

Can your payment solution keep up with various payment methods that your customers want to use?

These include things like traditional credit card and debit card swiping, tapping, chip readers, etc. However, you’ll also want to have payment processing that allows for contactless or mobile wallet options. If you operate a brick-and-mortar business, does your payment solution allow for card-not-present transactions? Meaning, can you make a sale even if a customer doesn’t have a credit or debit card on hand?

All of these scenarios are important when establishing a merchant account for your new business.

Safe Payment Transactions: Security

Finally, a good merchant account provider ensures you can take electronic payments securely. Customer payment info is extremely sensitive data that must be protected using features such as encryption. This not only keeps your customers’ funds safe, but secure electronic payment processing minimizes risk to your new business’s reputation and of facing legal consequences.

Finding the Right Merchant Account Provider

Cornerstone Credit Services has a wide variety of credit and debit card processing options to fit your new business, including terminals, mobile and tablet solutions, point of sale (POS) systems and web-based applications.

With us, getting set up is easy.

Want to establish a merchant account and payment processing for your new business? Contact Cornerstone Credit Services today!

Not sure where to start?

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