How to Collect Credit Card Information
- 1). Collect the information you need to fill out a merchant account application. Examples of this necessary information are your business checking account number, Employer Identification Number (EIN), gross sales amount and business information such as the trade name, business license and physical address.
- 2). Fill out an application from a merchant account provider. Go to the website of a merchant account provider or visit a physical location such as a bank if it provides merchant services. Fill out the merchant account application with the information about your business, such as your EIN and gross sales. Some institutions may also require personal information, such as your driver's license.
- 3). Submit the application along with the fee to open the account. Once your business is approved, you must sign a contract with the merchant provider that stipulates the term length and the specific services it will supply. The processor will then mail you the necessary hardware and software to use its services.
- 4). Install the credit card processing software and hardware. Follow the instructions from the processor to install the credit card terminals. Some processors also offer free installation and training as part of the services offered. Use the machines to process credit card sales. Once a customer's credit card is approved for a transaction, the credit card information is collected and stored on the merchant's secured servers.
- 5). Request credit card information when necessary from the merchant provider. In the event that a customer requires information about a transaction, you can contact your merchant account provider to send you the customer's credit card information along with the transaction data.
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