To be able to accept credit card payments in your business, you need more than just the hardware. You also need the behind-the-scenes software and accounts to make the system work. One of those elements is a merchant account.
So what is a merchant account?
It’s a bank account a business opens so their payment processor has somewhere to deposit received funds. When customer transactions are processed, they are credited to the merchant in a merchant account. The merchant account holds funds that a small business acquires from selling their products and services. The funds sit there for 1–3 business days during processing. During that time, the merchant services provider may issue the funds to the SMB’s bank account. This is done in good faith that the transaction was valid and will go through and that the card issuer will disperse the funds as well.
You can see how the merchant account provider assumes a certain level of risk as part of this process. As such, they don’t do business with just any merchant. They do due diligence with a full application and screening process to mitigate risk.
Interested in learning more about each of the requirements? Read more in our blog post, along with resources to help you find your ideal merchant account provider: [ Ссылка ]
#paymentprocessing #smallbusiness #b2b #merchantprocessing #merchantaccount #merchantaccountprovider #paymentdepot #creditcardpayment
Visit our website: [ Ссылка ]
Facebook: [ Ссылка ]
Instagram: [ Ссылка ]
LinkedIn: [ Ссылка ]
Twitter: [ Ссылка ]
CREDITS
- Icons: flaticon.com
