Open a merchant account

Visit your bank or credit union or contact a merchant account broker to open a credit card merchant account.

I recommend: You can open an online merchant account with Card Service International or United Payment Services right from your computer.

Establish efficient procedures

A well-organized, accurate, easy-to-use system of accounts will make life much easier for you, your employees and your customers.

I recommend: Quicken offers several financial and management software packages for small businesses. Volusion offers complete e-commerce solutions, including software and shopping cart packages.

Spell out the terms

Make sure both sides understand the terms of the credit agreement and provide the customer a copy in writing.

I recommend: LawDepot.com is a provider of easy-to-use online legal documents. Also at NEBS, you can purchase basic credit agreements compatible with most businesses.

Collect debts quickly

Once a bill is past due by 30 or 60 days, it is rarely collectible.

I recommend: Your Collection Solution and Debt Collectors Online will handle the collections process and lets employers set up proceedings online.

Watch the Web

Special precautions are necessary if you conduct transactions online.

I recommend: You can provide your customers with a secure, e-commerce-enabled Web site through VeriSign, the number one online payment processing service.