| I have an online business and I am part of a group of | | | | live and he asked why I didn't have credit card |
| Internet business owners who convene weekly in a | | | | processing and I was stuck for an answer. In fact, I |
| private chat room to compare notes, swap ideas and | | | | was surprised that I'd never thought of it before. Every |
| help each other out as needed. And the longer I talk to | | | | time I shop online I pay by credit card, so it only makes |
| these other business owners the more I think the | | | | sense my site would have merchant services as well. |
| virtual retail world may be an important segment of the | | | | But what I knew about accepting credit cards could be |
| economy. | | | | put into a thimble. |
| I started my business five years ago because I had a | | | | So I go to the 'net and look up "credit card processing" |
| passion for it and dreamed that one day I would have | | | | and I get about a million places to go. The first sites I |
| my own store, but then two detours popped up. One, I | | | | clicked on talked about discounts and low rates but the |
| really started to enjoy my day job. Two, I could never | | | | deeper I dug into them the more money they seemed |
| get the numbers right when it came to what I would | | | | to want. A fee for this software, this application - they |
| need to open a bricks-and-mortar business. To have | | | | even had a $300 fee to submit an application whether |
| good space in a decent location would take X amount | | | | it was accepted or not. I learned pretty fast that these |
| of money, then it would have to be built out at X | | | | guys must have learned their business strategy buy |
| amount of money, then it would need utilities, business | | | | selling used cars. |
| licenses - the list seemed endless. And I knew that the | | | | I finally settled on a company that looked to have |
| more you have to spend to launch a business the | | | | competitive rates and quoted me a cost-effective |
| longer it takes to achieve profitability. | | | | package of merchant account services. And they |
| Then one day I was browsing some 'net shopping | | | | didn't charge for putting in an application. All they did |
| sites and it occurred to me that maybe this was | | | | was get my set up within 24 hours to handle card |
| where I could start my business. I could keep my day | | | | transactions after I was approved. |
| job and handle the business evenings and weekends, | | | | Within four months I was showing a profit and that site |
| and my startup costs would be minimal. All I needed | | | | has been a steady source of income ever since - and |
| was domain name, a hosting service, some reliable | | | | the other business owners in our online chat room will |
| suppliers and the willingness to do a little work to get | | | | ell you the same thing. We're all part of those |
| my name out there. And if it didn't work or I didn't like it | | | | businesses that generate billions in sales every year, |
| I could always fold my tent and my losses would be | | | | 80 percent of which is paid for with a credit card. |
| minimal. | | | | And pumping billions through the economy is a good |
| But this is when I got my best piece of advice. A | | | | thing these days. |
| buddy of mine was looking at my site before it went | | | | |