A Bank & Credit Card Accounts

A Bank Account & Credit Card Merchant Account

Your bank account needs to be in your company's name. Set this up early on as your credit card processor will need the bank account information. All business expenses should be paid by check. The bank will need a copy of your D.B.A and your federal tax I.D. Number, (free from the IRS), in order to open your account. Get the lowest cost per month checking account they offer as it will be a while before you have much activity.

Choose a bank that can give you a merchant account to take credit cards and electronic check payments. Get all the information and approvals now so you are ready when the time comes. The banks sales person will walk you through the process.

You will need a credit card machine. Rent the machine as opposed to leasing it as renting cost less then leasing. Every time a customer uses a credit card or debit card to pay, you will be charged a fee. Do not worry about the cost of the fees at first. After you have been in business a while and have a track record, shop around for better rates.