How to Set Up a Merchant Account?

ByManoj Bhatt

It is important for online businesses to have a merchant account. This allows you to take payments from credit cards, debit cards, ACH transfers, etc. If you are wondering how to set up a merchant account then check out these steps below on how to get started.

Step 1: Get an Account with an Internet Payment Gateway Provider

This is the first step that you must take to set up a merchant account. There are plenty of providers that you can choose from which offer different fees, rates, and services. It’s best to do your research before you settle on one particular provider.

Step 2: Get an Online Account with the Payment Gateways

Online payment gateways are able to process multiple types of payments, such as credit cards. There are different online payment gateways for specific countries, so it’s important that you choose one that is compatible with your target market.

Step 3: Get a Virtual Terminal

A virtual terminal is an application that lets customers make their payments through the computer or mobile phone. It is used to authorize and capture payments.

Step 4: Make Your Website Payment-Friendly

A website that is compatible with Visa, MasterCard, American Express, etc., are likely to attract more customers because most people use these types of cards when shopping online.

Step 5: Get Verified with the Merchant Account

When you submit your application for a merchant account, it won’t be immediately set up. Your application will be reviewed before it is approved.

Step 6: Get Approved with the Merchant Account

If your application has been approved by the provider, then they will send you an email to inform you that you can now begin accepting payments with your merchant account.

Step 7: Get a Deposit from Your Merchant Account Provider

The deposit is important because it will be used as your security against any possible losses. If you lose the money for some reason, then the amount on your deposit will cover those losses.

Step 8: Start Accepting Payments with Your Merchant Account

Now that you’re set up with a merchant account, start accepting payments through your website. You can use many different payment methods, such as credit cards, debit cards, ACH transfers, etc.

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