Difficulty: Moderate
Instructions
1)Contact your local Small Business Bureau or chamber of commerce to obtain information about becoming an LLC or other corporation, then register as an official business to ensure you are protected on a personal level.
2)Contact several banks in your area, explain that you would like to set up a credit card processing business and ask if they offer any type of "reseller" program. These programs allow companies to package the banks' processing services as their own while paying fees back to the bank. In order to run a processing service, a bank must be involved. Tell the banks you want to act as an "authorized agent" for their processing services under your company's own brand.
3)Provide the banks with a full business plan, which includes the type of businesses you plan to target along with any finances you have available at your disposal. Also include any high risk areas you plan to avoid, such as "adult entertainment" venues and some types of online vendors, as they tend to lead to fraud and therefore incur losses over the long run.
4)Choose the bank with which you will work.
5)Contact a terminal processing company to find terminals that you can buy and stock at your location. Verifone is the No. 1 choice for most processors due to its strong track record; however, you will need to verify with your partnering bank which terminals will work with their systems. You then have the option to sell the devices outright or lease them via a leasing agency.
6)Contact a leasing agency to find a partner that is willing to extend leasing terms for your processor leases. Leasing a $395 Verifone device for $39.99 per month over 24 months will net you much more capital than selling it for $500 upfront. Leasing agencies are typically any lease-based company willing to underwrite the terminal lease terms for a percentage of the profits. Your sponsoring bank may even offer its own services.
Tips & Warnings
Requirements for setting up a processing business can vary from bank to bank, so be sure to investigate several options and understand the guidelines the bank you choose uses.
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