Accepting credit and debit card payments is one of the first tasks for starting a small business. There are several credit card processing options to choose from. If you start your small business and your sales are $5000 or less a month and the average transaction is $100 or more, you will find out that a merchant service aggregator, such as Square, Stripe, PayPal, will cost you less in processing fees than signing up for a merchant account.
It is also convenient for a small, startup business to have a simple per transaction credit card processing charge then having to pay monthly processing and gateway fees, on top of the per-transaction or bankcard discount fees.
If your average transaction is around $10 – $20, then you should probably sign up for a merchant account. If you don’t want where to start, call your small business bank and they can provide useful information.
An individual credit report will be completed before the business will be approved for the merchant account.
If you need to improve your credit score before applying for a merchant account for your business, call Fast Credit Solutions for an initial account review.