Question: I need to set up a merchant account for a credit card imprint machine.  Any Ideas?? 

Answer: I am assuming by "credit card imprint machine" you are referring to a manual imprinter and not a electronic credit card terminal - let me know if I am wrong. This makes a big difference in regards to the setup costs, since you do not have to purchase an expensive terminal. It does, however, also add a manual step in processing that will need to be properly managed. Also, all of your transactions will be considered "key entered" and you will be charged a higher rate. To be clear - if you do not process a card electronically, you will not receive the low rates that merchant processors quote in their marketing materials.\n\nYour best bet will be to start a dial-pay account. With this type of account, you will actually be imprinting the card and then calling in for approval for every card presented. This is actually a very quick process, but if you are doing a large amount of transactions, you should consider investing in a terminal.\n\nYour bank may seem like a very easy choice for processing. Unless it is a very large bank, though, they do not actually perform merchant processing services. It is more likely that they have been solicited by a merchant processor that won the bid for your banks customer leads and a certain portion of your fees will now go to your bank. The service and support, though, will be handled by the processor and your bank will not be involved.\n\nBe sure to consider the following:\n1.) As you will not be swiping cards for approval be very aware of the retail "card not present" and "key entered" rates that your processor assesses. \n\n2.) Be sure to know all of the different card rates. You will most likely receive debit cards, personal MC and Visa, Visa Rewards, MC World, and MC & Visa Corporate cards. Many processors sneak in a "nonqualified" rate for the Rewards, World and Corporate cards that can be upwards of 3%.\n\n3.) Be sure to work with a service oriented processor. Your method of processing will not be typical, so don't get stuck with a company that does not have a reputation for decent account management.\n\nYour key entered rates should start in the low 2.0% range and vary depending on card type.\n\nIf you would like more information about merchant processing, feel free to contact me at jbordeaux@windriverfinancial.c... or at (920)993-9433. Wind River is a merchant processor that specializes in offering well supported, competitively priced, custom processing services.
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