Determining Your Credit Card Merchant Services Need.

1. Take a personal financial inventory of your business so that you can determine how much you can afford to spend.

2. Research the credit card merchant services provider you wish to open a credit card processing merchant account. Take note of the different monthly fees, and per sale fees (per transaction). Also determine if you want the to pay an annual fee or if you want to agree to a certain amount of sales which carry a penalty if you do not attain the number of sales per month. This is called a monthly minimum.

3. Do you have a phone line? digital line? analog line?

If you have a phone line you can accept credit cards with credit cards terminals also known as pos terminals, credit card machines, or counter-top terminals.

If you have a digital line you can also use credit cards accepting services with credit cards terminals, however some terminals cannot work with a digital line unless you have a modem. This will only be a problem at the initial programming call. If the terminal is programmed before you receive it then you will not have a problem.

If you have a analog line, this is the best line to have for credit cards terminals. This is often times referred to as a stand alone fax line.

4. Determine the method in which you need to accept credit cards. Ask yourself, do you need to accept credit card merchant services online or in person? What is the difference? Well a virtual terminal is used when the payments are entered by you or your employees from any computer you wish. An internet gateway is used when your customers enter their payments on your website directly. If you need to accept credit card merchant services in person will it be in a brick and mortar store front with units such as the Hypercom T4205 or on-the-go wireless mobile units such as a Nurit 8020.

These steps will help you in determining your credit card merchant services needs.

by: Carly Kasp

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