What is a merchant bank account

Regardless of the size of the company, opening a merchant bank account helps to offer flexible and convenient payment terms to potential customers, which in turn helps to expand the customer base and improve profitability.

What is a merchant bank accountIt is worth noting that the bank merchant account is used by various payment systems in all types of Internet services and online-shops around the world. A single standard of online payments from different countries and advanced monitoring technologies provide secure transactions between the seller and the buyer. In any case, opening the merchant bank account is an important step in the transition to a new level of professional activity of the company, which allows you to quickly send and receive money using a secure online payment system.

It's no secret that plastic cards are deemed one of the most convenient means of payment on the Internet. The implementation of this opportunity (receiving online-payments on the website) is very important for entrepreneurs who have chosen the Internet as the place of sale of their goods and services. To do this, they need valid bank merchant accounts and payment processor. Both may be granted by the bank-aquirer, but in most cases, the function of credit cards processing transmit a third-party processing company.

A merchant account is granted by a merchant account bank (merchant acquirer) under the terms of the agreement. This allows a company to accept credit and debit cards on the web-site.

Processing of electronic payments to trade on the InternetIt differs from a business bank account as this is a place where card details of your customers are safely sent for authorisation.

There are several kinds of merchant bank accounts, according to your wish to accept card payments online or by phone and mail order, to process repeat billing etc.

If you need to open an internet merchant bank account and processing of electronic payments to trade on the Internet, you can rely on professional support of PaySpace experts in these matters. We possess a vast experience in organizing online business throughout the world and can offer you the best solutions.