Payment processing is an integral part of any online business as it forms the backbone of sending and receiving online payments. Ecommerce businesses, services providers, online sales markets, food delivery businesses and bookings and ticketing, all these industries require payment solutions which in turn need merchant account services. There are several merchant account providers which offer a platter of different payment solutions ranging from debit/credit card payments to services like eCheck and electronic payments via mobile wallets and digital payments.
What is a merchant account?
A merchant account is your business transaction account. It is a special kind of commercial bank account that allows business owners to send and receive payments to their business from multiple payment methods. It facilitates these transactions by acting as a holding account for funds. They furnish businesses the capability of accepting cards and other kinds of electronic payments. They are an essential component of online businesses. These accounts are set up by the merchant acquiring banks.
Why is a merchant account needed?
A merchant account acts as the conduit between your customers and your commercial bank account. It holds the funds that customers pay in return of your products and services. You can withdraw these funds as per the rules of this account. There is also a fee that is charged for transactions using your merchant account. Before you can start accepting payments for your online business, you need to set up your merchant account with a merchant acquiring bank. This is done under an agreement on an agreement that outlines the terms and conditions of this relationship. This also includes fee structure which involves several kinds of fee and charges like:
• Per transaction cost charged by the bank
• Charges of the bank’s card processing network
• Monthly and annual fee charged by the bank
• Fee charged by the card processing networks
A merchant account is an integral terminal in the whole payment processing cycle. A simple card transaction which is completed in a matter of a tens of seconds involves a whole process of repeated communications between the bank, consumer, merchant account and the payment processing networks. Here is a short summary of this process for your reference:
1. A customer asks to pay at a terminal via a debit/credit card.
2. The merchant sends these card communications to the merchant acquiring bank.
3. The bank then communicates with the card processing network.
4. The card issuing company authenticates the card via the details provided by the consumer through various approvals.
5. Security checks are performed and availability of funds is established.
6. Once approved the card network sends the approval to the merchant account bank through the card network processor.
7. Post this, the transaction is approved by the merchant acquiring bank and the bank starts moving the funds to the merchant account.
A monthly fee is also paid to the merchant acquiring bank for taking care of several electronic card payments that are risky in nature and also for the service of settling several transaction funds from time to time.
The Importance & Role of Merchant Account Services For Your Business
Our small business merchant services team in Florida understands the unique challenges you face.
That is why we make it easy for you to accept credit cards quickly and securely.
Our streamlined merchant accounts for small businesses give you the freedom, flexibility, and control to focus on other important aspects of growing your business, such as attracting new customers or improving your offerings as well as streamlining your processes in house to make things more efficient.
Perhaps one of the biggest difficulties of being a merchant in the adult industry is trying to accept customer’s payment online.
It’s not that your customers don’t want to pay you; it’s that the number of financial institutions willing to provide you with the capabilities to accept credit cards and most of those has extremely high rates which means your profit is diminished greatly.Merchant Account- A Quick DefinitionAdult merchant account solutions are required in order for someone to accept credit cards, be it online or offline business.
It is a special bank account designed solely for adult businesses' purposes.So what is the problem with high-risk merchant accounts for adult websites?The adult industry carries with it a track record of high risk in terms of chargebacks, too many chargebacks and it’s not at all good for both the merchant and the accounts provider.
As a result, most providers are not prepared to take on the extra risk that high-risk merchant account entails.
Those providers that do not accept adult merchants compensate for the risk by charging a higher rate.As a merchant in the adult industry, your number one priority is to find a High Risk Merchant Account Services provider with the lowest possible rate.
However, it’s also important to find the best solution that is stable and reliable- if your provider is not adequately prepared for adult merchant solutions then there are chances of problems, the last thing you want to have your money frozen or lost!Where can you set up an adult merchant account?Contact with your local bank if they offer merchant services for your high risk business or firm.
With the expanding rivalry within the online business industry, one of the troublesome undertakings is getting the High-Risk Merchant Account Instant Approval to acknowledge the payments online.
For most new organizations, the value of getting a merchant account is just over their range.
Our small business merchant services team in Florida understands the unique challenges you face.
That is why we make it easy for you to accept credit cards quickly and securely.
Our streamlined merchant accounts for small businesses give you the freedom, flexibility, and control to focus on other important aspects of growing your business, such as attracting new customers or improving your offerings as well as streamlining your processes in house to make things more efficient.
Perhaps one of the biggest difficulties of being a merchant in the adult industry is trying to accept customer’s payment online.
It’s not that your customers don’t want to pay you; it’s that the number of financial institutions willing to provide you with the capabilities to accept credit cards and most of those has extremely high rates which means your profit is diminished greatly.Merchant Account- A Quick DefinitionAdult merchant account solutions are required in order for someone to accept credit cards, be it online or offline business.
It is a special bank account designed solely for adult businesses' purposes.So what is the problem with high-risk merchant accounts for adult websites?The adult industry carries with it a track record of high risk in terms of chargebacks, too many chargebacks and it’s not at all good for both the merchant and the accounts provider.
As a result, most providers are not prepared to take on the extra risk that high-risk merchant account entails.
Those providers that do not accept adult merchants compensate for the risk by charging a higher rate.As a merchant in the adult industry, your number one priority is to find a High Risk Merchant Account Services provider with the lowest possible rate.
However, it’s also important to find the best solution that is stable and reliable- if your provider is not adequately prepared for adult merchant solutions then there are chances of problems, the last thing you want to have your money frozen or lost!Where can you set up an adult merchant account?Contact with your local bank if they offer merchant services for your high risk business or firm.
With the expanding rivalry within the online business industry, one of the troublesome undertakings is getting the High-Risk Merchant Account Instant Approval to acknowledge the payments online.
For most new organizations, the value of getting a merchant account is just over their range.