Opening a business in Chicago? Get payments and POS sorted before day one.

Whether you are opening a restaurant, a shop, a salon, or a service business in Chicago, here is what to plan for, what to have ready for a merchant account application, and what to ask any processor before you sign.

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What to get right

Equipment and software that fit how you actually sell

Start with how your customers pay. Restaurants need tip adjustment, split checks, and a setup that keeps tables turning; tableside or handheld devices can help. Retail shops need inventory tracking, barcode scanning, and a clean way to handle returns and exchanges. Salons and spas need appointment booking, deposits for no-shows, and tips added after the service. Service businesses that work on site need mobile card acceptance, invoicing, and the ability to take a card number over the phone. Make a short list of these must-haves before you look at any system, so the system fits your business instead of the other way around.

Paperwork ready before you apply

A merchant account application goes faster when you have the basics in hand: your registered business entity, your EIN from the IRS (or your SSN if you are a sole proprietor), a business bank account for deposits, a government-issued ID for each owner, and a description of what you sell and roughly how much you expect to process. Business licenses and any permits depend on your business type and location, so check with the City of Chicago and Cook County offices about what applies to you, and keep copies handy.

Pricing you can read and understand

Ask how you will be charged before you sign. With interchange-plus pricing, you pay the card networks' actual cost plus a fixed margin, so you can see what is going to the networks and what is going to your processor. If you would rather not absorb processing cost at all, a cash discount program is another option to consider. Whatever you choose, you should be able to read your monthly statement line by line.

Tools that connect to the rest of your business

Your POS should talk to the other software you rely on, whether that is accounting, a customer list, or an online store. With a TouchSuite merchant account, our ERP, CRM, and e-commerce integrations are included at no monthly fee, so selling in your Chicago location and online can run from the same records.

How it works

  1. Talk through your business. Tell us what you are opening, how customers will pay, and what you need from a POS: tips, appointments, inventory, mobile payments, online orders. If you already process cards somewhere, send us your most recent processing statement and we will show you, line by line, what you are paying and beat it, or tell you honestly that we cannot.
  2. Apply with your documents. Submit your application with your business entity details, EIN, business bank account, owner ID, and a description of your business. Having these ready before you start is the simplest way to avoid back-and-forth.
  3. Get set up with the right hardware. Once you are approved, we set up your terminals and POS for your menu, catalog, services, or price list. Qualifying merchants receive free terminals and POS hardware, no upfront cost. Plan to run a few test transactions and train your staff before you open the doors.
  4. Start taking payments. Most merchants are processing within 24 to 48 hours of approval. Build a little cushion into your opening plan anyway, especially if you are still waiting on a license, an inspection, or your build-out to finish.

Questions to ask a processor

How will I be charged, and can I see the actual network costs?

Ask any processor to explain its pricing model in plain terms. With interchange-plus pricing, you pay the card networks' actual cost plus a fixed margin, which makes your statement easier to check. If a processor cannot clearly explain what each line on a statement means, treat that as a warning sign.

Am I locked into a contract?

Ask about contract length and what happens if you want to leave. TouchSuite accounts are month-to-month, cancel anytime, no fees. Whoever you talk to, get the terms in writing before you sign.

Does the system handle the way my business works?

Be specific. A restaurant should ask about tip adjustment, split checks, and how quickly servers can close a table. A shop should ask about inventory counts, returns, and gift cards. A salon should ask about online booking, deposits, and tips on card. A service business should ask about invoicing and taking payments on site or over the phone. Ask to see these features working, not just listed.

How long until I can take payments?

It depends mostly on how complete your application is. Most TouchSuite merchants are processing within 24 to 48 hours of approval. Apply once your entity, EIN, and business bank account are in place, rather than the week you open.

Will it connect to my accounting software or online store?

Ask what integrations are available and whether they cost extra each month. With a TouchSuite merchant account, our ERP, CRM, and e-commerce integrations are included at no monthly fee.

What licenses or permits do I need in Chicago?

That depends on your business type and location, and it is not something a payment processor can answer for you. Check with the City of Chicago and Cook County offices, and with the state of Illinois for registration and tax questions, before you open.

Plan your Chicago payments setup with someone who will give you straight answers

Tell us what you are opening and how your customers will pay. If you already have a processing statement, send it over and we will show you, line by line, what you are paying and beat it, or tell you honestly that we cannot. Month-to-month, cancel anytime, no fees.

An email or a phone number is enough.

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TouchSuite · 800-793-3250 · Month-to-month, cancel anytime, no fees.