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A Merchant Account what is it, and do I needs one to accept credit cards?

Do I need a Merchant Account? that question is asked many times when people want to accept credit card payments. A Merchant Account is needed to accept online payments. The Merchant Account is always opened by an Acquiring bank.
 

FOR IMMEDIATE RELEASE

PRLog (Press Release)Apr 10, 2009 – Do I need a Merchant Account? When you start your business online and you start to get the first requests from your customers that they want to pay by credit card, you will quickly meet the term Merchant Account, if you look around for instant on Google for payment service providers or credit card processing, many companies will tell you that you have to open a Merchant Account with one of their Acquiring Banks.

http://www.cclogic.com

So what is a merchant account, please explain, often people connect a merchant account with a regular bank account which isn’t obvious but simply a confusion in the terms.

A Merchant account is opened by an Acquiring bank, which is authorized by the card association to process payments by credit card for Online Merchants. In many countries you will need to contact another company (Payment Service Provider, ISO or MSP) which on behalf of the Acquiring bank will open the Merchant Account for you. Often you need to sign a Credit Card acceptance contract both with the Acquiring Bank and the Payment Service Provider, to become a Merchant Account.

When you open a Merchant Account you will also need to know which credit cards you will and need to accept on your web site. The major credit cards are Visa and MasterCard, then comes Amex, Diners, JCB and the rest. Many countries have also country specific credit and debit cards for which you need a separated merchant account or merchant agreement. A Merchant Account can be opened by any business which sells products and services and which to accept credit cards, this is the case for both online and Offline business. However, not all business industries can become a Merchant Account or Merchant Agreement, some business types are simply not accepted by the card association.

Read more at : http://www.acceptcreditcardpayments.biz

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CCLogic.com is operating as a consultancy firm in the fields of credit card processing, payment gateway, anti fraud systems and the formation of Cyprus companies.


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Issued By:CCLOGIC.COM
Email Contact:Click to email (Partial email =  @cclogic.com)
Phone:0044 20 32 87 75 19
Address:77 Strovolou Avenue
City/Town:Nicosia
State/Province:Other
Zip:2018
Country:Cyprus
Categories:Merchant Account, Credit Card Processing
Tags:merchant account, credit card processing, Payment Gateway, merchant services, online payment
Last Updated:Apr 10, 2009
Shortcut:http://prlog.org/10214973

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