Option 2: Use a PSP, and do a lot of leg work to set up your system yourself If you decide to handle online card processing on your own, there are two important necessities. The main downside of PPCs is their cost, which you probably figured—someone making something fast and easy for you is usually priced at a premium.
Interchange Plus Program-: The merchant is charged pure interchange fees as well as a discount rate. It outlines how your business will generate enough profit to repay the loan or how you will earn a decent return for investors.
You would need banks to start a credit card processing business, so you must look for ways to get banks to do business with you.
It should include a mission statement, which explains the main focus of your business, as well as a brief description of the products or services offered, basic information such as ownership structure, and a summary of your plans. Another advantage is that all the card transaction data is stored by the PPC on its own servers and processed through its own gateway.
Approach a terminal processing Machine Company with proven track record and secure one for your business location It is important to find out which terminal processing companies are approved by the banks you have chosen to work with.