MilesWeb
MilesWeb Hosting Forum

Please login or register.

Login with username, password and session length

 

News:

SMF - Just Installed!


Author Topic: What is merchant account ?  (Read 393 times)

0 Members and 2 Guests are viewing this topic.

Offline Krishnan

  • Jr. Member
  • **
  • Posts: 85
  • Karma: +0/-0
    • View Profile
What is merchant account ?
« on: February 12, 2019, 11:04:38 AM »
Hi everyone,
One of my friends wants to start the small E-commerce business and he has given the online maintenance work to me.
Working on it, I came across the term ‘Merchant account’. What does that mean? Is it compulsory to start the E-commerce business?

MilesWeb Hosting Forum

What is merchant account ?
« on: February 12, 2019, 11:04:38 AM »

Offline Ritu

  • Full Member
  • ***
  • Posts: 133
  • Karma: +0/-0
    • View Profile
Re: What is merchant account ?
« Reply #1 on: February 12, 2019, 03:54:12 PM »
The merchant account is a legal agreement that allows you to perform the credit card transactions in your E-commerce business. As credit card is a most useful way of online transaction and to make the process accessible you need to have a merchant account.

Offline EKTA TRIPATHI

  • Full Member
  • ***
  • Posts: 217
  • Karma: +1/-1
    • View Profile
    • MilesWeb Internet Service
Re: What is merchant account ?
« Reply #2 on: February 13, 2019, 04:36:54 PM »
It is a type of bank account that permits businesses to accept payments by debit or credit cards. Moreover, the 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

Whenever a customer pays for any product or service with his/her credit card the amount is first deposited into the merchant account. After that, it gets transferred to the business bank account. Generally, transfers to the business account are usually done on a daily or weekly basis.

In your eCommerce business to receive online payment via credit card, you required one internet merchant account.
« Last Edit: February 13, 2019, 04:48:26 PM by EKTA TRIPATHI »
█ MilesWeb.com - Your Hosting, Our Responsibility!
Reseller Hosting @ Rs 399/mo - Unlimited SSD Storage and Bandwidth | cPanel-WHM
24x7 Support | 99.95% Uptime

Offline Keeran

  • Jr. Member
  • **
  • Posts: 78
  • Karma: +0/-0
    • View Profile
Re: What is merchant account ?
« Reply #3 on: February 23, 2019, 11:50:58 AM »
A merchant account allows the merchant to accept payment cards via credit card process. Also, internet merchant account enables you to run transactions that are initiated by the web in real time.

Offline Pallavi

  • Newbie
  • *
  • Posts: 46
  • Karma: +0/-0
    • View Profile
Re: What is merchant account ?
« Reply #4 on: March 30, 2019, 05:12:45 PM »
Merchant account is the best for ecommerce websites that generate high volume of sales.

Offline Krishnan

  • Jr. Member
  • **
  • Posts: 85
  • Karma: +0/-0
    • View Profile
Re: What is merchant account ?
« Reply #5 on: May 06, 2019, 03:21:57 PM »
Thank you all for your helpful information.