Getting Started with Payment Processing
Everything you need to accept your first payment — from application to going live.
How Merchant Accounts Work
A merchant account is a payment acceptance relationship established through an acquiring bank or payment provider. Card transactions are authorized, captured, and settled before the proceeds are funded to your designated bank account, subject to the approved terms. ACH acceptance may be available through a separate or additional service. ONKORE helps merchants select and configure supported processing solutions; acquiring banks, processors, gateways, and financial institutions perform distinct roles.
Choose Your Acceptance Setup
Decide whether you need in-person terminals, a POS system, online checkout, invoicing, a virtual terminal, or recurring billing. Confirm the selected gateway and hardware work with your approved processing account before buying equipment.
Prepare Your Application
Gather your legal business name, tax ID where applicable, business address, owner or authorized representative identification, banking information, estimated monthly volume, average ticket, and expected card-present versus online transactions. Additional documents may be requested during underwriting.
The Application Process
Getting started typically involves completing an application, providing business and banking details, and passing underwriting review. ONKORE guides you through each step so you know what to expect and what documentation you'll need.
Review Approval and Test Before Launch
Read the approved fee schedule, funding terms, reserve provisions if any, and support procedures. Configure user access, receipts, refunds, and fraud controls; run an authorized test transaction and refund before accepting customer payments.
Going Live
Once approved, you can configure your hardware or software, test transactions, and begin accepting live payments. ONKORE provides onboarding support to help you transition smoothly from setup to your first transaction.
Your First-Week Checklist
Confirm your first transactions appear in reporting, reconcile deposits against settled batches and fees, test receipts and refunds, train staff on dispute and security procedures, and save the correct support contact. Report any unexplained funding delay promptly.
Frequently Asked Questions
How long does it take to get approved?
Approval timelines vary depending on your business type, volume, and risk profile. Many standard applications are reviewed within a few business days, while higher-risk or high-volume accounts may require additional documentation and review time.
What do I need to apply?
You'll typically need your business license or EIN, business bank account details, processing volume estimates, and identification for the business owner. ONKORE will confirm the exact requirements during the application process.
Ready to start accepting payments?
Explore the application process with the ONKORE team.
- Expert guidance
- Transparent pricing
- Terms reviewed upfront