Set Your Business Up to Receive Payments

July 20, 2022

Set Your Business Up to Receive Payments

There are many things to consider when going into business for yourself. It includes setting up your website, outlining your services, showcasing your products, determining how your offers will be delivered to your customers, etc.

Another vital thing you need to figure out is how you will receive payments.

If you wonder how to set up your business to receive your payments, take into account the following tips and recommendations.


  • One of the first steps you should take when setting up your business is to obtain a tax ID number to let your business receive payments.


  • You need to open a bank account so that your paid money will go somewhere. Most traditional and online banks offer a business checking account option.


  • Set up a merchant account to be able to accept payments via credit and debit card transactions. The funds will be sent directly to your merchant account whenever a customer pays for products and services.


  • Consider setting up a merchant account or an online payment processing system.


  • If you are going to handle payments from customers in person, it’s always a good idea to invest in a point-of-sale card reader. It lets you set your business up to receive payments if you operate a brick-and-mortar location.


For expert advice and world-class customer service, contact us by phone from 9 a.m. to 4 p.m. Central Time at 1-888-312-1203, Monday throughout Friday.

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