What exactly is a Merchant Account?

Dec. 19, 2012 - PRLog -- A merchant account is a specialist form of bank account used soley for processing credit & debit card payments from customers. The account lies between that of the customer and that of the merchant and holds funds until such time as transactions have been cleared by the card holder's bank and verified by the relevant card association (e.g. Visa, Mastercard). Charges and fees vary considerably between providers so that a careful comparison of several providers is essential to finding the right deal for your business. This is where MaxPayNow can help with our vast experience with dealing with banks & lenders. As well as fixed fees, charges might include transactional fees which vary with card type, charge-back fees, software update fees, minimum charges, etc.

What is an Online Merchant Account?This type of merchant facility is provided by a bank or dedicated merchant account company. They consist of two things: the merchant account itself and the payment gateway. The merchant account is a special type of bank account that allows you to accept credit and debit card payments. The payment gateway provides the software which processes card transactions by collecting the card holder’s data and communicating with the card issuer to authenticate and authorise the transaction. One of the benefits of these merchant accounts is multi-currency payments: Take card payments from anywhere in the world with currencies automatically converted, plus, a business can integrate with a MOTO account which combines your internet merchant account with mail order and telephone sales to maximise your potential customer base.

Having a merchant faxcility in today's climate is essential for businesses who don't want to turn cashless customers away and for those who want to be able to accept credit or debit card payments online.

Contact MaxPayNow on 0161 928 2287 or visit us at www.maxpaynow.com & you can fill in our online application form or you can request a call back from one of our staff.