6. Choose not just what your current credit card sales are, but what you expect them to be. This is especially true for a new business. It's better to be a bit high, then a bit low.
7. If you sign up as a business, then you can choose the closest option for high sales. Keep in mind, this is a "cap" for which you are approved. If you choose $100 and you have a sale for $300, they may hold funds until you prove that you have a legitimate sale. So choose a reasonable limit that is a best case scenario for a high sale. Just remember, if it is too high for your field, you may not be approved. Remember what you set as your high limit. If you have a sale higher than that, then do yourself a favor and call in to let them know so you can get the sale approved. Not doing so can trigger a red flag and your sale can be held until they confirm you aren't committing fraud. (This is true for any processor.)
8. Pick the closest year.
Important notice: The contract states that although you do not have a termination fee, if you close this account, you are responsible for returning the Phone Swipe within 10 days. If you do not, you can be charged $149 for the equipment. They would rather you keep the account open on the chance you will use the swipe then for you to close the account. So, unless there is a powerful reason to close the account, just store the swipe in a safe location if you choose not to use it. Maybe sometime you will. Boy Scouts: There is an exception for you. If you no longer need your account or are switching units, please contact me.
How to sign up for the Phone Swipe
Although this is one of the easiest applications you will ever have for a merchant service account, I do have a few suggestions to make it easier.
1. Choose to sign up as a Business
If you sign up as an individual, you need to call into support for sales larger than $20. This option is more for crafters and garage sales.
If you sign up as a business, you have more choices and higher limits.
1 Choose the right entity. If you haven't filed anything stating otherwise, then you are a Sole Proprietor.
2 If you see your business type listed, choose it. If not, choose "Other."
3 & 4. If you haven't set up something different then the Corporate Name and DBA are generally the same. It's how people know you. If you have registered your DBA with the state MAKE SURE YOU ENTER IT EXACTLY THE SAME WAY here.
5. A Federal Tax ID number is not required to sign up as a business (sometimes referred to as an EIN). If you have one, put it here and MAKE SURE EVERYTHING MATCHES YOUR PAPERWORK - YOUR TAX ID, CORPORATE NAME AND DBA exactly.