Learn all about Merchant Accounts, accept credit card payments online and apply for a free merchant account! |
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Merchant Account IQ - All About Merchant Accounts - Accepting Credit Cards Online - Compare Credit Card Processing Companies |
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A merchant account is commercial bank
account that can be obtained by a contractual agreement between a
merchant and a bank and/or payment gateway. This agreement will include
information such as the rights of the merchant and the bank or payment
provider, and the duties that need to be followed when accepting
bankcards like Visa or MasterCard.
A merchant account is an essential requirement for any merchant who want to process payments via credit cards. Money received from credit card payment is first held in the merchant account and then transferred to a business account in real time or during various points in a 24 hour period. Here's, a look at how a merchant account works. When a consumer decides to purchase a product or service online, they need to fill out all details related to the purchase. Details that need to be provided include information on the products they want to buy, their name, address and credit card information. Such details are necessary in order to process the sale. |
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completing the online form, the customer will submit the form, by
clicking the "Submit" or "Pay Now" button on the order confirmation
checkout page. This begins the payment process, whereby the customer
account is debited with the amount to be paid and this amount is
credited into the merchant's account. When the button is clicked, the clicking triggers a process as the button is linked to the AuthorizeNet Secure Gateway which routes and obtains the credit card authorization or declination code. The credit card is checked against the
Address Verification System (AVS) to authenticate the cardholder. Though
such authorization reduces the available credit limit on the customer
credit card, it does not put a charge on the statement of the cardholder
or move any money to the merchant. Due to this reason, there is a time lag between the time when the customer's credit cards were authorized and when the customer actually received the goods ordered. Catherine Joseph |
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Get a FREE Merchant Account with Charge.com the #1 merchant account provider Click Here Now! |
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