Merchant Account Definition

A merchant account is a bank account that allows businesses to accept credit cards debit cards gift cards prepaid cards and other types of electronic payment. Merchant account definitions terminology. In some cases a payment processor independent sales organization iso or member service provider msp.

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A type of bank account that businesses use to accept payment by credit card.

Merchant account definition. Works directly with card networks visa amex etc card issuers customer s bank and card processors typically the merchant s terminal provider to clear transactions in your bank account. Credit card processing is a complex service involving multiple moving parts emerging technologies payment networks regulatory bodies and financial institutions. Like any service involving that level of complexity credit card processors often vary in quality. Characteristics of a merchant account.

Merchant accounts are by definition provided by acquirers or acquiring banks. A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. Put simply a merchant account is a line of credit account that allows a business to accept card payments from. Merchant services is a broad category of financial services intended for use by businesses.

A merchant account is a bank account specifically established for business purposes where companies can make and accept payments. A merchant account is a type of bank account that allows a company to accept credit cards. In its most specific use it usually refers to merchant processing services that enables a business to accept a transaction payment through a secure encrypted channel using the customer s credit card or debit card or nfc rfid enabled device. A holding account for transaction money while the payment is processed.

More generally the term may include. Learn more about merchant accounts in this glossary article. Merchant account what is a merchant account. Merchant accounts allow for instance a business to accept credit.

Meaning pronunciation translations and examples. A merchant account is a type of bank account that allows businesses to accept payments in multiple ways typically debit or credit cards a merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. So a merchant account is an agreement between a retailer a merchant bank and payment processor for the settlement of credit card and or debit card transactions.