So, how will you know what to write in your business plan? Do you know first thing about writing a business plan? It may seem like an overwhelming task to try to figure out what to write for your personal business plan. You may have attempted to take out a few books at library or even asked a friend to help you. But, are you satisfied that your business plan will be successful? Remember, you only get one chance to WOW people, so first business plan they see will be one they remember. What if it’s just not good enough?

3rd Party Processors – The inexpensive way to start

For beginning web entrepreneur, most important issue in credit card processing is how much product you think you can realistically sell in a month. If you are selling less than $1000 per month, then you will want to go with a “third-party processor”. PayPal is most widely known and reputable third party processor, and you can easily set up an account with them.

Unlike traditional merchant accounts, PayPal accounts are free to set up and cost nothing on a monthly basis. You will pay more per transaction with PayPal than you would with a traditional merchant account, but for low-volume start-up businesses making less than $1000 per month, you will gladly choose higher transaction costs over account set-up fees, monthly account fees, minimum charges, interchange fees, gateway fees, and perhaps worst of all, account cancellation fees (just to name a few).

Steps You Need To Take To Set Up A PayPal Account

Bank Account – you will need a bank account for PayPal to deposit your funds into.

Apply for a PayPal Account

Traditional Merchant Accounts

If your processing volume will be higher than $1000 per month, then you will probably want to go with a traditional merchant account. Credit card processing companies generally charge a minimum monthly fee that is approximately equal to amount of money you would pay to process $1000 per month. Generally speaking you can expect to pay around $50 per month in minimum charges for a merchant account. As you process more, your costs will go up, but percentage of your gross sales that you pay for processing should go down.

Steps You Need To Take To Set Up A Traditional Merchant Account

It is not difficult to set up a traditional merchant account, but you will need to follow several steps in order to pull it off.

Get a business license

Get a business bank account at your bank

Make sure your web host supports your shopping cart system (you might even be able to get your shopping cart system bundled in with your credit card processing services for free).

Try to determine amount of business you will generate. Your credit card processing company will want to know how large each transaction will be, and how many transactions you expect to have per month.