Merchant account
A merchant account is a type of bank account that allows merchants to accept credit and debit card payments. He acts as an intermediary between the client and the company’s bank account. The fact is that the funds are not credited to the account immediately, the bank “reserves” them. At the end of the working day, your payment processor collects all statements and transfers them to the acquiring bank. The acquiring bank collects funds from the issuing banks of your customers and redirects them to your company bank account. This procedure usually takes 1-2 business days.
How to get a merchant account?
Many payment providers, along with payment processing, provide services for opening a merchant account for their customers. Alternatively, you can contact the bank directly. However, if your business falls into the high-risk category, you may be denied to open a merchant account.
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