Get online credit card payments set up. Challenge accepted.
You’re ready to take your business to the next level – you want to take your business online with credit card acceptance. More ways to pay, more business. Makes sense. In today’s increasingly digitally connected world, staying ahead of the competition means keeping up with your customers. Maybe that’s an obvious and straightforward decision to make, but what is the next step exactly?
It’s no flick of the switch, but it's not too complicated, either. Getting your business up and running with online credit card payments requires a setup process, and that process can vary from provider to provider. At Vantiv, we make it easy: click-through application and agreement with online authorization using an electronic signature. Just submit and you’re done.
Seems simple, but the more you know, the better off you’ll be. It’s not your job to have the world of payments all figured out – we get it. That’s where we come in. As a full-service payments provider, Vantiv helps businesses of all sizes maximize their business potential by accepting the most common online payment types, technologies, and card brands. Using advantages such as reliable uptime, superior customer service, and real-time transaction viewing in-store can enable your business to do more.
Benefits of online payment processing:
- Simplified application and approval process
- Streamlined application to merchant ID in one business day or less
- Available directly or through integrated partners
But before you go pushing your digital shopping cart, let’s take a closer look at what you’ll first need to do to ensure that your onboarding process is as quick and efficient as possible.
Pick a payment provider
For processing transitions at both your physical storefront location and through an online shopping cart, you want to get a merchant account with a suitable payments provider. Finding the credit card processor that best fits your business’ needs cannot be stressed enough. Consider a processor – Vantiv for example – that offers a multitude of services like integrated payments, reliable customer support, and of course eCommerce solutions.
Bank on your business
A business banking account is necessary for your merchant account. To open one, you’ll need to have a business license and EIN (employer identification number) or your own social security number if you have no other employees. You’ll also want to have an account as this is where your funds will be deposited. Applying for an EIN is free and available online on the IRS application page of its website.
Get over the underwriting hurdle
Your merchant account requires underwriting to establish credit card processing. Underwriting shows your level of risk to your payment partner and processing bank. Based on your anticipated monthly transaction volume, the underwriter will need a correlating amount of financial documentation.
With Vantiv, this process can be significantly reduced, completed potentially in just a matter of days. By assisting with the regulatory screening and documentation processes, we put your business on the fast-track to begin accepting payments online.
What kind of online payments do you want to accept? Common cards? ACH payments? PayPal and others? Some forms of payment acceptance may demand more than one merchant account. However, using a processor that can accept them all efficiently and securely can be a great advantage. You should also consider whether your online processing also includes business, corporate, and purchasing cards, and both Level II and Level III data.
Keep an eye on PCI
As you apply, get approved, and begin accepting online payments, it’s critical to remember the importance of PCI DSS compliance. Following mandated PCI procedures like maintaining and updating passwords and installing anti-virus and anti-phishing software ensures your business practices are operating in a secure manner. What level of compliance you are required to meet will depend on your transaction volumes. You can ask your trusted payments provider for more information.
Following these practical steps can put your business in business, accepting fast and efficient, smart and secure credit card payments online in only 30 days. Naturally, certain terms and conditions will apply, but if you’re ready to take your business potential off hold, think about putting it online with Vantiv credit card processing.