What is?
Merchant Accounts
A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant who wishes to accept credit card payment transactions of a particular credit card association brand. Without such a contract, one cannot accept payments by any of the major credit card brands.
A Merchant Account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by the merchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa and Mastercard. Interchange fees vary depending on credit card type and the circumstances of the transaction. For example, if a transaction is made by swiping a credit card through a credit card terminal it will be in a different category than if it were keyed in manually.
Relative to the internet, a merchant account gives an business ecommerce website the ability to accept credit cards as payment for the company's products and services. It provides the customers with an extremely popular payment option, beyond cash and checks.
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