Some Basics
Merchant service credit card processing is, in layman’s terms, your key to growing your business larger than ever before. To grow, you need to be available to all your interested customer base, and to do that you need to accept more than just cash payments. A merchant account allows you to do this because it is essentially a bank account for your business that gives you the feature of processing card payments.
How to Get One
Applying for merchant service credit card processing is easy once you have a few things;
– Social Security number or EIN (Employer Identification Number) for a tax identifier. Don’t have an EIN? Apply for it here.
– A DBA (Doing Business as Name) or trade name
– Average Ticket Size, Highest Ticket Size, and Monthly sales volume
Once you’ve acquired these, an MPA (merchant processing agreement) is your next step. An MPA is a contract that you and your processor agree upon in order to do business. Be aware you’re your processor does place limits on the account. During this stage, you’ll need a voided check with your bank’s routing and accounting numbers, and proof of business occupancy.
When your application is filled out and submitted, the underwriting process has begun. Underwriters will examine how long you’ve been in business, the refund policy for your business, and if you’re prone to chargebacks/card fraud.
Why Apply for Merchant Service Credit Card Processing?
There are steps to complete before the underwriting process begins, and many complain about merchant service credit card processing being too expensive. Those customers have never processed with PayFrog! Because of our Interchange-Plus pricing model, we do better when you do better. That’s why we are committed to taking money off of your processing bill to put it back into your business. Check out how much we’ve saved others who have switched from processors like Square, Stripe, and PayPal, and the features that make it all worth it!
