Starting an online business that accepts credit cards from customers is a difficult task without guidance of the steps to take. It is also a fact that being able to take many forms of payment online helps increase sales to your business.
This checklist should be able to help you obtain the ability to accept credit cards online. These are guidelines to help you; these steps may not be done in this exact order according your your local business laws and restrictions.
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Creating a Business: (Part 1 of 6)
[thrive_text_block color=”dark” headline=”Step 1 Find a Source of Income”]
- Keep working your regular job
- Minimize
- Sell off personal items
- Find friendly investors
- Micro-loans
- Monetary gifts
- Personal loan
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[thrive_text_block color=”dark” headline=”Step 2 Develop a Simple Task Management System”]
- Get Things Done
- KanBan
- What is the task?
- Progress?
- Who is responsible?
- Completed?
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[thrive_text_block color=”dark” headline=”Step 3 Determine your Type of Business”]
- Choose an industry
- Do market research
- Create a target market profile
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Benefit your Industry: (Part 2 of 6)
[thrive_text_block color=”dark” headline=”Step 4 Define the Top Problem to Be Solved”]
- Decide on a problem to fix
- Generate possible obstacles
- Make a solution for each obstacle
- Get into the habit of approaching problem in this manner
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[thrive_text_block color=”dark” headline=”Step 5 Goals of Financial Management”]
- Determine short term goals
- Determine long term goals
- Set a time frame for reviewing these goals periodically
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[thrive_text_block color=”dark” headline=”Step 6 Determine your Unfair Advantage”]
- Dispel myths about your business
- Create a clear message of your objectives
- Determine your unique value
- Write your personal mission statement
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[thrive_text_block color=”dark” headline=”Step 7 Distribution Channel Strategy”]
- Determine ways to get your message out
- Syndicate whenever possible
- Keep track of distribution metrics
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[thrive_text_block color=”dark” headline=”Step 8 Key Performance Metrics and Business Strategies”]
- Business bank statements
- Profit and loss statements
- Contracts in progress
- Bookings (read more via the quick note below)
- Contribution margin
- Total contract value
- Gross merchandise value
- Deferred revenue
- Annual contract value
- Recurring revenue
- Total revenue
- Balance sheets
- Bank reference letters
- Lifetime value
- Customer acquisition cost
- Active users
- Monthly growth rate
- User churn rate
- Monthly cash burn
- Size of office
- Number of employees
- and more…
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Operational Planning: (Part 3 of 6)
[thrive_text_block color=”dark” headline=”Step 9 Create a Yearly Budget Planner”]
- Calculate cost projection
- Calculate income projection
- Determine revenue streams
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[thrive_text_block color=”dark” headline=”Step 10 Plan Ahead Organizer”]
- Monthly
- Weekly
- Contacts
- Resources
- Notes
- A separate binder for each plan (fill list here)
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[thrive_text_block color=”dark” headline=”Step 11 Develop an Exit Strategy”]
- Burnout
- Financial setbacks
- Health setbacks
- Different opportunity for growth
- Inability to innovate
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[thrive_text_block color=”dark” headline=”Step 12 Develop a Risk Assessment Format”]
- Physical risks
- Substance risks
- Economic risks
- Governmental and legal risks
- Technology risks
- People at risk
- How those people are at risk
- Actions already in place
- Further action needed
- Action by
- Action target date
- Date done
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[thrive_text_block color=”dark” headline=”Step 13 Create a Password Database”]
- Never put secure data in text files
- Passwords best in database with security key
- Keep passwords offline
- Use fake names to store passwords
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Business Team: (Part 4 of 6)
[thrive_text_block color=”dark” headline=”Step 14 Obtain a Financial Accountant”]
- Learn the best way to keep records
- Learn about tax breaks up front
- Ask about mistakes other businesses have made
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[thrive_text_block color=”dark” headline=”Step 15 Obtain a Business Lawyer to Form Articles of Incorporation”]
- Choose your business name officially now
- Business name search
- Company legal name
- Doing business as
- Line of business
- NAICS code(s)
- Incorporation date
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[thrive_text_block color=”dark” headline=”Step 16 Obtain Your EIN from the IRS”]
- Fill out application for EIN number
- Save the card with your number from the IRS
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[thrive_text_block color=”dark” headline=”Step 17 Obtain Your Business Bank Account”]
- Authorized signer(s) of account
- Email of signer(s)
- Instant messenger of signer(s)
- Registered physical address(es)
- Photo ID of signer(s)
- Utility bills of signer(s)
- Resume of signer(s)
- Personal bank statements
- Personal credentials
- Obtain voided check
- Apply for micro-loans
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[thrive_text_block color=”dark” headline=”Step 18 Set Up a Physical Business”]
- Use your office address for your website
- Take advantage of bulk shipping and receiving rates
- A place to hold meetings or to conduct interviews
- Easier to transfer business to another owner
- Obtain Federal contracts and grants
- Pictures of your office address for reputation management
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[thrive_text_block color=”dark” headline=”Step 19 Obtain Your DUNS Number”]
- Get your DUNS number from Dun & Bradstreet for each business location
- Make sure to use full and correct address to save time
- Unless you are in a rush, there is no need for rush delivery of your DUNS number – 30 days
- This creates your business credit file which you can review
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[thrive_text_block color=”dark” headline=”Step 20 Create Business Logo Images”]
- Use logo auction sites to get many different samples to choose from
- Limit colors of logo to 2 or 3 to save money in the future
- Do not be tempted to buy too many things with your logo
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[thrive_text_block color=”dark” headline=”Step 21 Hire a Photographer”]
- Get pictures of staff
- Get pictures of physical business
- Get pictures of process
- Get pictures of local area landmarks and transportation
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[thrive_text_block color=”dark” headline=”Step 22 Hire an Account Manager”]
- Set up customer relations database (CRM)
- Define customer segments
- Determine order of operations
- Create sample products and services
- Create sales funnels
- Create access hierarchy
- Include security features
- Start frequently asked questions knowledge base
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[thrive_text_block color=”dark” headline=”Step 23 Develop a Policy and Procedure Manual”]
- Create the polices of the business
- Organize the procedures into a manual
- Keep track of facts about the company
- Review the policies and procedures often (here is the list of options)
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Make your Business Public: (Part 5 of 6)
[thrive_text_block color=”dark” headline=”Step 24 Build Online Presence”]
- Proof of domain ownership
- Choose a hosting company
- Create your merchant site
- Get SSL certified
- Use tracking software
- Get as many social media accounts as possible
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Accept Credit Cards: (Part 6 of 6)
[thrive_text_block color=”dark” headline=”Step 25 How to Accept Credit Cards Online”]
- Determine if your business is high-risk (high-risk merchant list here)
- Update personal credit score
- Update business credit score
- Create testimonial letter portfolio
- Create business health portfolio (health list here)
- Create contact directory
- Create sales overview
- Prepare personal guarantee
- Follow PCI guidelines
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Starting an Online Business That Accepts Credit Cards Completion
[thrive_text_block color=”dark” headline=”Apply for your Merchant Account”]
Congratulations. If you have completed all of the steps above, you are in terrific shape to start applying for gateway access. The next step is to fill out the application below, and include as much data about your business as you can.
The more the financial institutions understand how you are going to be success, the better your successful completion of your application process.
High Risk Solutions has been established since 1995, and is based in the United States. Your business needs a strategic partner like this to help you navigate through the application process.
This checklist and application is provided to you for free to help you be able to accept credit cards from your online customers.
Thank you for taking care of your business.
In order to start, click on the box below!
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[thrive_link color=’dark’ link=’https://www.highrisksolutions.com/get-started-now/’ target=’_blank’ size=’big’ align=’aligncenter’]Click Here Now[/thrive_link]
