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Step 1
Apply for a merchant account. A merchant account is an account started by a business owner with a payment processor, such as 1st National (see Resources below). There are different packages offered by nearly all of these companies. Some may allow you to take only one or two card types, while others accept every major credit card. To accept a Green Dot Debit card, get a package that allows you to accept both Visa and Mastercard, since Green Dot Cards come in both varieties. The payment processors will be paid every time you accept a debit payment. The rates can start from 1.69 percent of sale plus $.20 and go up from there, sometimes up to 5 percent.
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Step 2
Receive your scanner machine after you have been accepted for your merchant account. There are various kinds of machines--portable, retail and even an option to accept online transactions. As long as your machine accepts Visa and Mastercard, customers can use their Green Dot card, assuming they have money on it. These scanner machines vary widely in cost. Some companies offer one free machine for opening an account, while others may charge $50 and up.
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Step 3
Read all the fine print and ask a lot of questions. Beware of fraudulent payment processing companies who try to get your business and then hike up the prices later. Make sure that the rate you are quoted is not an introductory rate and that you are not getting more machines than you really need. To check out a company, do a background check, ask for references from satisfied customers, contact the Better Business Bureau and look at any complaints filed (see Resources below). Taking appropriate precautions may save you a lot of money and headache later.
