Payment Processing Checklist for a New Business (30 to 60 Days Before Opening)

Payments are one of the last things new owners think about, and one of the first things that breaks on opening day. Here's what to line up, and when.

60 days out: get the basics in place

• Register your business name and get an EIN (sole proprietors can use an SSN for some applications, but an EIN is cleaner).
• Open a business bank account. You'll need it for deposits.
• Decide how you'll take payments: counter, tableside, online, mobile, invoices.
• Estimate monthly card sales and average ticket. Rough numbers are fine.

45 days out: choose and apply

• Pick a POS or terminal setup that fits your operation.
• Compare pricing models: flat rate, interchange-plus or cash discount.
• Submit the merchant application with ID, bank letter or voided check, and business details.
• Ask about equipment terms: included with an agreement, purchased, or leased.

30 days out: build and configure

• Build the menu, catalog or service list in the POS, including taxes and modifiers.
• Set up employee logins, permissions and tip settings.
• If you'll use dual pricing or a cash discount, prepare signage and receipt settings.
• Set up online ordering, payment links or invoices if you'll use them.

7 to 14 days out: test everything

• Run test transactions with chip, tap and a keyed card.
• Test refunds, voids and tip adjustments.
• Check that receipts print and email correctly.
• Confirm your first deposit lands in your bank account.
• Train staff with a dry run.

Opening week

Keep a backup way to take payments, such as a phone reader or payment links, in case the internet goes down. Have a number to call for support. Then, after your first full month, review your first statement.

Want help with the whole list?

That's exactly what our new business setup is for.

General information only, not legal, tax or financial advice. Rates and rules change; confirm current details before acting.