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Merchant Account Info

Majority of customers today use credit cards as a method of payment so it is crucial for businesses to accept credit cards. If your a business owner and would like to accept credit cards, you will need a merchant account. All businesses accepting credit cards need to have a merchant account and the type of account depends on the type of business.

What is a merchant account?

A merchant account is a special account or arrangement opened with a merchant services provider that enables your business to accept credit cards from customers. Accepting credit card payments with a merchant account is the best and most cost-effective solution. Once the payments are processed, the sales are deposited into the merchants bank account.

What are the different types of merchant accounts?

Merchant accounts are divided into two different types, a "card present" merchant account or Internet merchant account, also known as "card not present". A "card present" merchant account is for credit card transactions where a credit card is physically present and swiped through a card terminal at the time of the sale. An Internet merchant account or "card not present" account is usually for mail order, phone order or internet transactions where the credit card is not present and the information has to be keyed in, requiring additional approval for the sale.

How to get a Merchant Account

Applying for a merchant account is very easy and fast process. All you have to do is fill out an application to have it approved by the credit card processor. Many merchants make the mistake of applying to banks for a merchant account not realizing that there are merchant account providers offering much better services and an easier application process. Unlike banks, merchant account providers also offer merchants wireless and web based processing as well as many other advanced processing solutions.

After being approved for a merchant account, the next step is picking a payment processing method. The different processing solutions are a Point of Sale system or credit card terminal, credit card processing software, an Internet payment gateway or phone processing. Deciding which solution is best suited for your business primarily depends on your business type or processing volume. You can use our Merchant Account Solution Guide to pick what best works for your business.

After you decide which credit card processing solution is right for your merchant account, you will have to set up and program your software or terminal so you can begin processing credit card transactions. For every approved transaction, the amount of the sale gets credited to the merchant account. Denied transactions will not be credited to the merchant account. The total amount of funds in the merchant account at the end of each day are transferred to the merchants bank account and are usually available within two business days.

Merchant Guide