What a Merchant Account Is
A merchant account is one piece of your whole payment solution. In its simplest terms, its a bank account that allows your eBiz to accept online credit cards and e-checks. At a specific time each day, your merchant account bank receives that days completed transactions. They hold the money for several days or more to make sure all parties involved are satisfied. During this time, they also perform additional security checks. If no issues arise, the bank then wires the money into your business checking account.
What a Merchant Account Isnt
People often confuse merchant accounts with other elements involved in payment solutions. But each element is a separate function of a larger service.
A merchant account is not a shopping cart. Shopping cart technology is software that simulates a physical shopping cart in that it allows users to place items in it until theyre ready to check out and then totals their purchases for them.
A merchant account is not authorization software. Authorization software is the equivalent of a digital credit terminal. It runs address verification, sends the buyers information through fraud...
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