What is a Merchant Account?
A merchant account is defined as an account opened via a bank that is a member of any or all of the major credit card networks allowing the online merchants to accept credit cards from purchasers. All business is done electronically.
What is the purpose of a Merchant Account?
It allows merchants to accept payments on their site for commercial purposes thus taking their business from a traditional set-up to an online business.
What is an Internet Merchant Account?
For accepting online payments, you must have an Internet Merchant Account as it allows you to accept online payments.
How can I set up an Internet Merchant Account?
You can easily get an Internet Merchant Account through your local bank or by choosing an account provider online.
What kind of fees can I be expecting to pay for an Internet Merchant Account?
The fees vary. It is dependent on two factors: 1) The acquirer and 2) The model of account you have. Fees and charges might include an application fee, a monthly fee, a monthly settlement fee and a per-transaction fee.
Can I be approved for a Merchant Account if I am just starting out with a new business venture?
Yes. If you have a good credit history you can set up a merchant account at your local bank. However, if you do not have a credit history you may have to opt for a service provider that will either help you get an account or provide you with a third party account.
How do I verify the transference of funds to my Merchant Account?
Some merchant account services transfer accounts immediately to your bank account while others may transfer funds every two weeks or so. This is basically dependent on the type of account you have. It is simple to verify the transfer of funds; you just call your bank or check your account online.