What Is a Merchant Account?
Merchant accounts are similar to bank accounts, which allow you to automatically transfer the funds you receive from your clients’ debit or credit cards as a payment. It is a must-have asset that is set up automatically by the credit card processing company and identified by your unique Merchant ID (MID). All your funds will be kept in this private account until future transfers to your actual bank account.
It is not possible to receive any online payments without a merchant account. It ensures all kinds of financial transactions between the retailer, bank, and payment processor without interruption. As Paymentap, a credit card processing company, we set this account up for you and assign your merchant ID. Thus, you will be able to accept any form of online payments and we keep your funds in your account until you request the transfer of them to your business account.
Why Do I Need a Merchant Account?
Merchant accounts ensure the transactions of funds between your clients’ bank accounts or credit cards and your business account through electronic payments. You can have full control over your merchant account by keeping it in hardware. Paymentap can also provide this hardware for its clients in exchange for a reasonable fee.
What Are the Benefits of a Merchant Account?
Here are some of the prominent benefits of merchant accounts;
● Accepting credit or debit card payments through card terminals.
● Accepting any form of online payments.
● Providing full control over your accepted payments.
● Improving customer satisfaction with quick processes.
● Improving sales and profit of businesses.
● Contributing to your operations and growing your business.
How Are My Funds Transferred to My Merchant Account?
You can receive funds to your merchant accounts with payments carried out over portable terminals and contactless card terminals. Besides, you can process mail or phone orders with credit cards too. Once this information is submitted to a secured payment gateway for verification, the availability of the funds will be checked and confirmed.
Once the entire process is successful and the payer has required transferable funds, these funds will be directly transferred to your merchant account. Once this is done, you will receive a confirmation message on the card terminal, or your client will be directed to the thank you page.
Many factors such as the type of cards you are going to accept, the number of payment terminals you need, minimum transaction requirements, and forms of payments you would like to offer for your clients, can affect the service fees and pricing for each transaction between your merchant account and payment gateway.
Today, regardless of the business size or type, accepting card payments has crucial importance. Instead of carrying cash, many consumers prefer to use credit or debit cards when shopping. Offering their preferred method as a form of payment significantly contributes to customer satisfaction. Moreover, debit or credit cards offer quicker, safer, and more convenient transactions when compared to cash payments.
24/7 Quick, Online Support for All Kinds of Needs
Our trained and expert support team is available 24/7 to provide you assistance in any topic related to your merchant accounts and to answer all your questions. We are a UK-based company that you can contact whenever you need us.
We Can Introduce Your Company to the Online World
Paymentap provides all the resources, infrastructure, and guidance to improve and enrich your payment systems. Our credit card terminal portfolio includes international and trusted brands such as Optomany, Spire, Pax, and Ingenico and you can pick whichever you prefer.