If you're going to run any type of online business then the ability to accept payments via credit card, or through a merchant account, is critical. Why? Because people just don't use money anymore. We live in a plastic society, as evidenced by the mounting credit card debt in the United States alone. We are a people of the philosophy, "give it to me now, I'll pay for it later." It is doubtful that is going to change anytime soon.

So just how do you go about getting a merchant account and what are the things you should know and look out for when doing so?

For starters, there are 3 ways to get a merchant account.

1. Get one from the bank you already deal with.

2. Use a broker or intermediary to gain your own merchant account.

3. Use a third party service.

The easiest way of course is to get one through the bank you already deal with. The problem, however, is that most large banks are reluctant to give merchant accounts to new small businesses. Many banks require up to 12 months of audited accounts of your business. If you're just starting up, this of course, is not possible. Because of the greater risk of fraud, since the card does not have to be swiped and signed for, banks are very reluctant to give merchant accounts to new businesses. Banks are starting to come around slowly but given the economic climate of today it would probably be a better choice to get a merchant account through the second method mentioned above, and that is through a broker or intermediary.

These brokers or companies form what they call a defense between you and the bank. They will pitch your business for you and put you in the best possible light. In other words, they will try their absolute hardest to get that account for you. The best way to get approved through this method is to minimize the risk of your business as much as possible. If a broker can convince a bank that this is a good investment for them there is a much better chance of you getting the account. The best way to minimize this risk is to start off by selling low priced items, say around the $10 range. This is much less risky than trying to sell an item that goes for several thousand or even hundred dollars. Another way to show minimal risk is to show that you