For a small business looking to expand its bottom line—by streamlining the payment-taking process— opening a merchant account is an excellent way to go.

This type of account is mainly built to allow retailers to process credit card transactions and start collecting plastic payments in their businesses.

 But the process of applying such an account can be a baffling experience, especially if you’ve never been there before.

To help you apply successfully, this article will discuss the six things you must ponder over before embarking on the application process.

• You must be underwritten—and it’s not that complicated

Your would-be payment processor and acquiring bank take a risk when they agree to host your business’s merchant account. Risks manifest in the form of reverse charges, also known as chargebacks—which occur when customers request a refund whatever reason— and could leave a bank accountable for the losses.

Banks tend to avoid businesses with high levels of reverse charges and those with a questionable legal status. Partnering with a helpful account provider can increase your chances of qualifying.

•  You must have a business banking account:

Remember, your merchant account only holds the payments you’ve collected for a while. You will need a business banking account where these funds will be transferred and stored.

Visit your nearest bank to create a business bank accounts in a few steps. Carry your business permit and Employer Identification Number (or your SSN if you’re a sole entrepreneur).

Visit IRS.com to get an employer identification number.

• An official

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 Although the streets are full of billboards and signs decorating stores or service and service outlets, we know that they are not the key means of communication with the customer today. 

Digital marketing and mobile have introduced many changes in the way consumers reach services. It is worth using the available tools to not only better communicate with our target group, but also better manage consumer experience and their contact points with your company.

Business examples that I will use today are authorized service stations and other garages. They occupy a unique place in the car industry; while sales showrooms can count on their clients on average once every few years, in turn car services are visited even several times a year. Changing oil, tires, car reviews or the need to replace car parts – regular visits to service stations is a great opportunity to build a strong and lasting customer relationship. In the era of increasingly better developed mobile tools, the owners of such services can gain a lot thanks to these activities!

Mobile – anticipated and personalized contact

Due to constant and more frequent visits of drivers in service centres, car services have a really good chance to develop individual relationships with customers. What should you do? Take a look around and take advantage of today’s opportunities!

Let’s think about personalized shipping to our customers, which will be an incentive to perform a specific action (e.g. clicking on a coupon or offer). If we take care of our …