Banks assume some risk when they allow businesses to accept credit card payments through a merchant account. Therefore, they require an underwriting process that evaluates the legitimacy and credit-worthiness of your business. You can usually use the same merchant account to accept POS and online credit card payments. When you set up your merchant account for your brick-and-mortar store, ask if it is transferable to your online storefront. [4] X Research source
Credit card swipe fees range from . 35 percent to 3. 7 percent. In addition, you must also pay a set amount of 10 cents to 30 cents per transaction. Equipment can be purchased or leased, and the cost varies depending on what you purchase. Chargeback fees occur when you have to return funds to a customer, usually in the case of fraud. These can cost approximately $30 per month. Some vendors charge sign up, application and subscription fees. Prepare to pay an early termination fee of several hundred dollars if you want to end your service early. Payment Card Industry (PCI) Compliance fees are usually $99 per year.
Make sure your card reader is compatible with your smartphone or tablet. You can choose one that works with Android or iOS systems.
Payment gateway companies are usually large and have helpful customer support. The usually offer lots of options for customization, so they are often compatible with large businesses that need personalized systems.
