How To Setup Small Business Credit Card Processing

Today if you have a small business, you must set up a credit card processing system. It may sound very difficult to set it up. But with the right steps, you can do it easily. You need to consider a few things before setting up the small business credit card processing. 
Things to consider
One of the things is to decide which credit card brands you want to accept; whether it's Visa and Mastercard, or include others like Discover and American Express as well. Another thing is to choose the type of credit card processing solutions. It is possible to make payments on the web or through a POS terminal. You can also process payments on the mobile using a mobile card reader. You can make payments from virtual terminals as well. The other thing to consider is your sales volume. You need to predict your sales volume before deciding on the merchant account service. 
Steps for setting up a credit card processing
You should take several steps to set up the credit card processing. The steps are described here systematically. Make sure you complete the previous steps before going to the next one. 
Select payment gateway
The first step is to select the payment gateway account. This is different from a merchant account provider. Your transactions will be passed through here. The payment gateway will approve or decline the transaction. 
When a payment is made, the payment gateway service sends data to the processor of the merchant bank. The processor then routes it to the cardholder’s bank. The transaction will then be verified and the decision to either accept or decline the card will be made. The information will then be sent back to the credit card processor. This information is then passed from the processor to the cardholder and the merchant. If the card has been accepted then the bank sends the funds to the credit card processor that in turn sends the funds to the bank. 
When selecting a good payment gateway service make sure that it is PCI DSS compliant and has SSL certification. You should be able to integrate it with an e-commerce platform. Make sure that there is scope to generate a report and the customer service is good. 
Set up a merchant account
You need to set up a merchant services provider. For this, you need to do thorough research. You should choose merchant accounts that have a gateway of their own. You should find the best rate and ensure that the processor has the various credit card processing solutions which include a shopping cart, virtual terminal, POS terminal, mobile card reader, and more. There should be a fraud protection system.
Accept payments
When your merchant account is complete, you can accept credit card payments. You need to enter the customer information. Then the payments can be processed easily.
The credit card processing solution you choose for your business must be simple and convenient. You must choose the best rate so that you can get more value for your money. There should be scope to switch from one payment processor to another in case you don’t like the service. The termination fee must be nominal also. With careful research, you will be able to set up a good credit card processing service for your small business.