Merchant account

[chimol]

Hi all,

So is a merchant account simply a way for me to accept credit cards and the money to get deposited into my business bank account (SunTrust) Or, is the merchant account a bank account in which money from a credit card transaction is deposited and I can withdraw right from it? I'm thinking it basically a way to accept credit cards and when I my merchant account is created they will ask for my business account and tie that account number to it for depositing money from a credit transaction.

Thanks,

Steve

[♥Vger]

For online trading you need an Internet Merchant Account from your Bank and not a standard Merchant Account, which is for EPOS Terminals. You use that in conjunction with a payment service provider like SecPay, Protx VSP Direct, HSBC Secure ePayments, Barclays ePDQ etc. (UK providers - don't know about other countries), and then the monies you take are transferred from the payment service provider to your Bank account (usually at the end of each trading day).

 

Vger

[chimol]

For online trading you need an Internet Merchant Account from your Bank and not a standard Merchant Account, which is for EPOS Terminals. You use that in conjunction with a payment service provider like SecPay, Protx VSP Direct, HSBC Secure ePayments, Barclays ePDQ etc. (UK providers - don't know about other countries), and then the monies you take are transferred from the payment service provider to your Bank account (usually at the end of each trading day).

 

Vger

Thanks Vger