7 Steps in 7 Days to Setting up a Mobile Merchant Account
Keeping up with business means keeping up with the times. Using both physical cards and mobile wallets, today’s consumers now have the ability to make purchases anywhere and everywhere and at any time.
Indeed, mobile devices are predicted to drive an on-demand economy, according to Mobile Payments Today. Online shopping services like Amazon Prime have provided shoppers with instant purchasing power and, within the constraints of delivery, near-immediate gratification.
How is your business meeting the increasing buyer demand for faster fulfillment? Perhaps it’s time you got your business moving in step with consumer expectations by taking their payments on the go. As payments evolve, so too should your merchant account services.
A mobile merchant account makes it possible to complete credit card processing beyond the walls of your business – or dissolve those walls altogether and create a business not confined to any one location. From making your products available at markets and tradeshows to providing services like at-home repair and technical assistance, your merchant account provider can make virtual transactions a reality.
- Reduces back office accounting and management
- Simplifies the payment process
- Increases customer loyalty and repeat business
Accepting many of the most popular card brands like Visa, MasterCard, American Express, and Discover, on a mobile device isn’t much different than accepting payments with a traditional retail merchant account. Though fees may differ, a mobile merchant account offers some very advantageous incentives for saving time, money, and resources.
And it’s easy to implement. In fact, getting set up with a mobile merchant account can be accomplished in as little as seven days with seven simple steps. Take a look at this day-by-day, step-by-step guide to get your account up and running in just one week’s time – even if you’re starting from scratch.
Ready to get mobile? Let’s get moving.
If you already have a merchant account, contact your payment processor to get started. A unique merchant ID may not be required if you’re selling the same product or service. However, if you’re just starting your business and mobile will be your primary sales channel, you’ll need to follow these steps to start accepting mobile payments.
Day 1/Step 1: Apply for EIN
Issued by the IRS, an EIN (employer identification number) is used to identify business accounts for tax purposes. Applying for an EIN is free and available from the IRS through its online application.
Day 2/Step 2: Open business banking account
You’ll want to deposit your future funds into a business banking account, also a requirement for opening your mobile processing account. Use your EIN and business license (or your own social security number if you have no other employees) to open your business banking account.
Day 3/Step 3: Research mobile card readers
Secure and dependable, a good mobile POS (point of sale) will become an integral piece of your mobile business. Or you can also plug a mobile card reader dongle into a tablet or smartphone to turn it into a mobile payment terminal. Connect to a wireless network or 4G network and you’ll be ready to start accepting payments abroad or from anywhere on your sales floor.
Benefits of popular mobile card readers:
- Accepts both magstripe and EMV chip cards as well as NFC/contactless payments
- Takes greater control over receivables—no waiting for invoice payments
- Authorization responses directly on your mobile device
- Creates inventory for easy selection
- Reviews past transactions
- Applies discounts, tips, and applicable tax
- Issues returns and offers refunds upon request
- Offers multiple reporting options, including exporting
Day 4/Step 4: Gather and submit materials for underwriting
A mobile merchant account will also require underwriting to establish your processing. Identifying your level of risk, underwriting is based on your anticipated monthly transaction volume. Though usually set up faster than a traditional account for a physical store, a mobile account will still need necessary financial documentation including but not limited to business licenses, tax IDs, and others.
Day 5/Step 5: Open your mobile merchant account and receive your merchant ID
Your mobile account comes with options. What kind of payments do you want to accept? You’ll want to determine what common cards you’ll accept for payment, along with other forms like PayPal and NFC (near field communication) types such as Android Pay and Apple Pay.
Day 6/Step 6: Know your PCI compliance
With all of the above checked off, you’re almost ready to go mobile. But before you do, make sure you understand how critical it is to comply with PCI DSS mandates. Your level of compliance is determined by your transaction volumes, but you should ask your payments provider for more PCI information.
Day 7/Step 7: Start processing mobile payments
You’re all set to start accepting payments on the go with your mobile credit card processing account!*
Moving your business beyond the confines of a storefront location can have big benefits for your bottom-line and customer service. Whether it’s accepting more forms of payment or increasing your accesses to customers, accepting mobile payments enables you to keep up with the on-demand consumers of today – and the future. Contact Vantiv to explore additional small business merchant solutions today.*Steps to getting set up can vary based on account needs.