Steps to set up a merchant account 
                     How to Set Up a Merchant 
Account 
A merchant account lets your business accept 
debit and credit card payments. There are two 
ways to get one:
• Enter into an agreement with a member bank that has a 
processing relationship with Visa and Mastercard. 
• Enter into an agreement with an authorized agent of the member 
bank, such as an independent sales organization or member 
service provider (ISO/MSP). 
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Step 1
Determine how credit card 
payments will work for your 
business
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Step 1: 
 Consider these questions about how 
credit card payments fit with your 
business 
1. What types of credit card brands do you wish to accept? 
        -  Visa, MasterCard, American Express etc. 
2. How do you want to accept payments? 
        -  Mobile, Virtual Terminal, API to Integrate, Recurring Billing 
3. How much of your sales volume will be through credit cards? 
       - Will you be accepting other methods in addition to credit cards.
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Step 2 
Compare Merchant Account 
Providers
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Step 2 
There are two common types of fees for credit cards 
transactions. 
1. A flat rate you get charged for each credit card payment that is processed. 
2. A percentage fee based on the total amount of each transaction. 
Other Merchant Account Fees : There can be many other fees associated with a 
merchant account beyond the transactional fees.
 
Other fees to ask about include: Monthly minimum fees, setup fees, cancellation 
fees, statement fees, customer service fees, chargeback fees, batch fees, annual fees.
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Step 2:
Does the merchant provider offer all the 
software and payment options you need?
• For Example Are virtual terminal processing, email invoicing, 
recurring billing, website payments and mobile payments all 
included in one solution?
• The more providers you need to go through, the more costly and 
complicated your experience will be.
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Step 2 
How much control over your customers’ 
payment experience will you have? 
• Many business owners don’t have the time or expertise to set 
up customized, online solutions, so finding something that is 
automated and hosted by your solution provider is critical. 
• However, in order to provide a good experience to your 
customers, you’ll want to make sure you can easily customize 
any invoices, payment forms and payment communications.
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Step 2
Is the complete solution tailored to your 
type of business and easy to use? 
• Does the merchant account provider frequently work with 
your business industry and size? 
• Finding a provider that is dedicated to your business type 
means that future developments will continue to match 
your needs.
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Step 3
Merchant Account Set Up
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Step 3
When you choose a provider, here’s what 
to expect in the set-up process: 
• The merchant account provider will require you to complete 
an in-depth application and you will need to provide a lot of 
information pertaining to your business model and finances. 
• If you are a smaller business, you will also be required to 
provide personal information, undergo a credit check and 
provide a personal guarantee on the account. 
• This process can feel cumbersome, so it’s helpful to work 
with a provider that will hold your hand through 
underwriting to ensure the fastest and least confusing 
approval process
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Step 4
 Accept Credit Card Payments
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Step 4
You're approved for a merchant account. 
Now what? 
• Once your merchant account is set up, you will be ready to 
start accepting credit card payments. 
• If you’ve gone with a great merchant account provider this can 
be as simple as logging into a software product, entering your 
customer’s payment information, and clicking the collect 
payment button to have the transaction processed and funds 
deposited into your bank account.
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