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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| Merchant
accounts are accounts that facilitate merchants to receive payments from
customers though credit cards. Opening a merchant account is quite
popular today with all kinds of business, be it a retail store or an
online shopping centre. Merchant accounts can be provided by a bank,
credit card company, or any other payment processor. There are three types of merchant accounts which are retail merchant accounts, MOTO merchant accounts and internet accounts. A retail merchant account is a merchant account with the lowest transaction fees. The rules applicable for this type of account make its usage rather restrictive in nature. A merchant who uses this type of account needs to have a very high percentage of credit card sales. The credit card used must be "swiped" by passing it through a physical credit card terminal. This kind of a merchant account is popular with businesses such as restaurants, grocery stores, and small hotels. It is best suited for merchants who don't plan on conducting business through the mail or online at any point. |
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| A MOTO merchant
accounts or Mail Order - Telephone Order account is a type of merchant
account, where the transaction rate for using the service is high. It is
suited for businesses where credit cards cannot be physically swiped.
Here, the merchant will process credit card payments by entering the credit card information directly into a terminal or through a normal web browser to process transactions. The internet account is very similar to the MOTO merchant accounts, but they can be used only for internet transactions. Here the merchant will use a virtual
terminal or payment service gateway to process credit card payments. You
will find such payment service gateways now included with most business
web hosting packages, and have custom-designed HTML forms or a shopping
cart application. Another equally important point is that when you open your merchant account with a merchant account service provider, be sure, to fully understand the terms of service offered before making a full commitment. Catherine Joseph |
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