Ultimate Checklist: What You Need To Know To Start Taking Payments For Your Business

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Understanding how to start accepting payments through online payment gateway is one of the final steps before you open your doors (virtually or physically) to new customers.

This checklist can help you get started whether you're starting a new business or adding a new point-of-sale (POS) system to your store. And, if you require assistance, we are here to assist you.

7 steps to taking payments
Create a merchant account.
Select a payment service provider.
Recognize payment gateways
Get ready for contactless payments.
Get assistance with onboarding.
Connect to other apps
Report and analyse your findings

The Checklist

1. Set up a merchant account
You will require:
A merchant account is a type of bank account that allows Small Businesses to accept credit card, debit card, or mobile wallet payments. Card acceptance necessitates the use of merchant accounts (or third-party equivalents).
A POS system that allows you to apply for a merchant processing account online.

2. Choose a payment service provider
A payment service provider, also ...
... known as a payment processor, is a vendor who helps the merchant, the credit card network, and the cardholder's bank communicate. Here are some things to think about when selecting a payment processor:
Industry – Some PSPs have features that are specific to restaurants, retailers, or service businesses.
Size of your company – Some PSPs charge different rates for larger companies versus solopreneur ventures.
Budget – Payment processors use various pricing models. Read "Credit Card Processing – What Is It and How Does It Work?"
Payment methods – Credit cards, debit cards, gift cards, and contactless payments are all accepted by online businesses.
Transaction fees – One of the most competitive rates in the industry is 2.3 percent + 10, which is charged by online businesses.
Security – Look for a vendor who is PCI and EMV compliant.
TIP: Depending on your provider, there may be additional fees and hidden charges.

3. Understand payment gateways
The best online payment gateway securely transmits online payment data to the processor to complete the transaction's lifecycle. It also authorises card-not-present transactions, primarily for eCommerce websites. Consider it an online point-of-sale terminal for your company. Consider the following:

A payment gateway is not available with all merchant account providers. Some providers use a third-party payment gateway, which can be inconvenient if there is a dispute.

It may be best to go with a single provider for both a merchant account and a payment gateway. Using a payment gateway to securely process integrated payments can reduce errors, accelerate transaction processing, and make reconciliation easier.

4. Prepare for contactless payments
Contactless payments are now preferred by more than half of all global consumers. Digital receipts can be used to complete contactless payments, making the entire process touch-free. Simply follow these steps:

Open the app on your device.
Enter the sale amount, then press the Charge button.
Enter an identification number, then tap Continue if you've enabled prompting for invoice numbers (or your custom identifier).
Place the card or phone on top of the EMV contactless logo.
As needed, request that the customer sign or enter a PIN.
Tap Verify to accept the customer's signature if they signed.
Choose how customers will receive their receipts, or tap Void Transaction to cancel the transaction.
Done should be selected.

5. Get onboarding support
Ascertain that your partner offers you and your team onboarding assistance and training.

6. Integrate with other apps
Make sure the payment processor you choose provides a suite of additional apps, features, and tools to help you run your business more efficiently.

7. Report and analyze your results
Familiarize yourself with your payment processor's reporting and analytics features.