What İs Merchant Account
A merchant account is a type of bank account that allows you to accept payments from your customers using credit and debit cards.
The credit card processing company sets it up for you and assigns you a merchant ID number (MID). Once you start accepting credit card payments, the company holds your funds until settlement, when they are transferred to your business bank account.
A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. So a merchant account is an agreement between a retailer, a merchant bank and payment processor for the settlement of credit card and/or debit card transactions. As a credit card processing company Paymentap can set it up for you and assigns you a merchant ID number (MID). Once you start accepting credit card payments, the company holds your funds until settlement, when they are transferred to your business bank account.
Why do I need a merchant account?
A merchant account serves as an intermediary between customers' bank accounts and your business's bank account as electronic payments, including credit card transactions, are processed. To do so, you will usually also need some hardware, which is available for purchase through Paymentap.
Benefits of a Merchant Account
- Accepting credit card through card machines.
- Receiving online payments.
- Better Money management.
- Gain customer satisfaction.
- Increase Sales and Profit
- Grow Your Business
How The Funds Transferred To Your Merchant Account?
Your customers can make a card payment to you by using a portable terminal or contactless card terminal in-store, by entering their card details online, or by giving you their card details over the phone. These details must be transferred through a secured payment gateway to be verified. The card details are checked and the availability of funds is confirmed.
When everything has been checked, the funds are transferred to your merchant account. When the transaction has gone through, a confirmation will appear on the card terminal or on the online checkout thank you page.
The pricing and service fees associated with a merchant account and payment gateway can vary depending on several factors. These include: which types of cards you want to accept, how many payment terminals you need, whether you will have a minimum card spend, and whether you want to take payments online or over the phone.
Whether you are an independent merchant or a large retailer, accepting card payments from your customers has many benefits. Credit and debit cards are among the most popular payment methods., and introducing them can significantly increase customer satisfaction. Additionally, card transactions are faster, safer, and easier to handle than cash payments.
We have on-line merchant services 24 hours support
Our friendly, expert technology support team is available 24 hours a day to assist you with your accounts and answer all your questions. Our UK-based company understands that any time you call you speak with team member right here in the UK.
Our services can support your company online
Paymentap will give you the resources, facilities and help required to improve your ability to take payments from your customers. We sell various types of retail credit card terminals, including the trusted brands such as the Ingenico, Pax, Spire and Optomany brands.