How do I accept credit cards for my new small business?
Question: I want to accept credit cards for my new web hosting and design business instead of going through pay pal, I’m based in the Los Angeles area and am looking for a good company that is not going to take too much of a percentage and will lease the machine inexpensively.
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Applying for credit card merchant account services is quite easy. Once you shortlist your prospective underwriters to 3-4, compare their fees and features. Few companies who are the market leaders, use their reputation to charge premium for their merchant account services. Others are just beginners, so they can lower, waive or skip some fees, to procure your business. But they may charge you fees after 1 year or a trial period. Read the terms and conditions properly to understand the working of the account, its related expenses and likely pitfalls. Contact the lender about your doubts and questions, before filing your application to open an account. Then once you are approved, you can rest assured that your choice was right.
Just do a google search for "merchant accounts" and you’ll get a LOT of resources. Just be careful as to who you go with and be sure to read the fine-print.
Don’t get trapped into any leases. Most companies who offer good rates might lock you into a two year lease, and they can raise their rates at any time.
Check out local banks. They might have good merchant programs.
Just be careful and do your research before committing to any merchant service. There are some really bad ones out there that rip you off and never return your phone calls.
(1) Get a paypal acount
(2) Go to a local bank and tell them you want to set up a merchant account. If you haven’t been in business very long, most of the national banks won’t work with you, so you’ll need to find a local, hometown bank.