What Is a Business Merchant Account

If a company wants to accept card payments (credit and debit cards) directly from the users, it must open merchant account. Business merchant account is a package of services, software and hardware that enables automatic process of accepting cards and transferring money to the merchant. Payment Service Provider is responsible for signing merchants up for Visa, MasterCard or other credit and debit cards processing and opening business merchant accounts.

What Is a Business Merchant AccountPayment Service Provider which provides merchant account business to users is a third-party participant or intermediary of the merchant account product. PSPs like PaySpace usually process online payments for merchants, charging them a fee per sale, a commission of the sale, or both.

PaySpace representatives always explain conditions and rates in a case you open a new merchant account, help the merchant to fill out an agreement, and apply for approval. When an agreement is approved, PSPs usually manage the account, that helps to reduce the merchant's and customer's risk. PSP also processes internet payments for merchants and charge a fee per sale or commission of the sale.

Fees on new merchant account usually depend on such aspects, as the age of business, credit rating, type of product, number of transactions, whether the customer is present during conducting a sale (web sales), the average value per transaction, and kind of cards are being used. All of these factors influence on offers that PSP has for a merchant, and also sign up fees, monthly fees, support of the customers, software, hardware and fees for chargebacks.

Why is important a usage of Merchant Account?

In modern physical and virtual marketplace, retailers have to accept credit/debit cards in order to attract customers and simply to survive. Electronic payments have already replaced cash as the basic method to accept payment cards in countries with strong economies. If you get a merchant account, this will allow such transactions to take place; consequently, if you don't have a merchant account for business, you will not have a possibility to accept credit and debit card payments. In this case your company and your business will be unable to survive in a modern economy.

Merchant services provided by PSP include not only accepting payments from debit/credit cards. High-qualified services let you accept a wide range of payments, namely electronic and paper checks, remittances and checks for traveling. A lot of services nowadays allow merchants to transform their smartphone, tablet or other mobile device into a mobile POS-terminal so one can start accepting credit card payments any time and anywhere with the Internet connection.

In order to choose the most appropriate provider of business merchant account, you should compare all conditions provided by them. Merchant account comparison include: Average Approval Rating, Cost per Month, Start-up Cost, Account Set-up Time, Customer Service, Internet-based Features.

Why is important a usage of Merchant Account?Of course, as well as any doing business, there are a lot of risks related with accepting eletronic payments. It's very convenient for fraudsters and thieves to falsify digital payments or steal users' payment information in order to use it to pay for goods and services.

Running a procedure of merchant account comparison will help you to understand that PaySpace provides the best services of secure processing schemes and protection against fraud to defend retailers from being locked in the case of fraudulent actions.

PaySpace provides high-quality, safe and affordable merchant accounts to small and mid-sized companies in Europe and all over the world. We specialize in Internet business merchant accounts and offshore merchant accounts. Besides we offer low risk, high risk and retail credit card processing services.

Our company possesses large network of fiduciary acquiring banks so our customers can find the perfect merchant account solution for specific business's credit card processing needs.