Getting a business license may require a small fee, depending on your business type and state. See your Secretary of State’s website for more information.
Online transactions are usually safeguarded by the security of your chosen selling platform and your payment processor. [4] X Research source
Merchant banks’ fees are based on a “merchant discount” rate that is charged to you as a percentage of each purchase. Use this figure to compare the costs of different merchant banks. [7] X Research source When applying for a merchant account, having the following information ready: Basic information like your business’s name, founding date, type of business, address, and phone number. Tax ID (EIN) number and your social security number. Processing information (your monthly revenue and whether you do business in person, online, or both). Your bank information, including your account number and routing number. [8] X Research source
Aggregators sometimes offer business solutions for much smaller businesses that may not meet the revenue requirements of some of the larger merchant banks.
Take care when looking into this type of arrangement, as using a processor may end up being more expensive than using an aggregator. Payment processors should be used when your business is not large enough to meet the requirements for partnering directly with a merchant bank.
You also want to make sure that your processor only charges a discount rate for sales. Otherwise, you will be charged twice if a customer returns an item: once when the item is sold and once when returned. In this case, you’d be charged twice and still not have made an actual sale.
