A merchant account is a business bank account that lets merchants accept debit and credit card payment from customers.
Your customers can make a card payment to you by using a terminal in-store, by entering their card details online, or by giving you their card details over the phone. These details must be transferred through a secured payment gateway to be verified. The card details are checked and the availability of funds is confirmed. When everything has been checked, the funds are transferred to your merchant account. When the transaction has gone through, a confirmation will appear on the card terminal or on the online checkout thank you page.
The pricing and service fees associated with a merchant account and payment gateway can vary depending on several factors. These include: which types of cards you want to accept, how many payment terminals you need, whether you will have a minimum card spend, and whether you want to take payments online or over the phone.
Whether you are an independent merchant or a large retailer, accepting card payments from your customers has many benefits. Credit and debit cards are among the most popular payment methods., and introducing them can significantly increase customer satisfaction. Additionally, card transactions are faster, safer, and easier to handle than cash payments.
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What is a Merchant Account? Payment Processing 101
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