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A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Without such a contract, one cannot accept payments by any of the major credit card brands.

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Wikipedia About Merchant Account

A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment card transactions of a particular card association brand. Without such a contract, one cannot accept payments by any of the major credit card brands.

Methods of processing credit cards

Today a majority of credit card transactions are sent electronically to merchant processing bank for authorization, capture and deposit. The method of processing credit cards will vary by industry. In all circumstances either the entire magnetic strip is read by a swipe through a credit card terminal/reader or the credit card information is manually keyed in to a credit card terminal, a computer or website. Whenever practical it is best to swipe a credit card because the rates will be much lower and the incidence of stolen credit card number fraud is greatly reduced.

Credit card terminal

CreditCardTerminal.jpg

Automated Response Unit (ARU)

An ARU (also known as a voice authorization, capture and deposit) allows the manual keyed entry and subsequent authorization of a credit card over a cellular or land-line telephone. With this method a merchant typically imprints their customer's card with an imprinter to create a customer receipt and merchant copy, then process the transaction instantaneously over the phone.

Payment gateway

A payment gateway is an e-commerce service that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical POS (point-of-sale) terminal located in most retail outlets. A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways. The gateway usually has 2 components: a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or b) have the website's shopping-cart connect to the gateway via an API to allow for real time processing from the merchant's website.

Level 2 or Level 3 Processing - Purchasing Cards

Visa and Mastercard have created a specialized type of credit card used primarily by government agencies and businesses. Increasingly, corporations and government agencies are relying on this form of payment to compensate their service providers and suppliers. Businesses benefit by receiving their funds quickly and by winning competitive bids and government contracts where purchasing cards are the required form of payment. The downside, however, is the increased costs associated with receiving these payments. These costs will usually be much higher than accepting a standard consumer credit card.

The solution is that some businesses may qualify for ways to process these transactions that allow them to pay lower fees if they can supply additional information, called "level 2 or level 3 data". For example, if government transactions are over $5,000, businesses can significantly reduce their transaction costs by including "level 2 or level 3 data" about the purchase along with each transaction. Examples of level 2 or level 3 data is a purchase order number associated with the transaction that the credit card will be paying. This data is passed on to the purchaser so that it may be many times easier to reconcile the transaction. If all the required data is not collected and passed on during the transaction, the merchant can have surcharges added to the basic fees or be forced into a non qualified transaction category.

Search results for Merchant Account

GoEmerchant.com

Offers a variety of Internet merchant packages and services to sell products online.www.goemerchant.com/

Merchant Accounts Express

Credit card processing and merchant accounts for small, home based, and Internet businesses; bad or poor credit accepted.www.merchantexpress.com/

Merchant-Accounts.ca

Offering international and Canadian merchant accounts for credit card processing.www.merchant-accounts.ca/

Credit Card Processing Services at Charge.com

Credit card processing and merchant accounts from Charge.com. Accept credit cards online to increase sales.www.charge.com/

Merchant Equipment Store

Provides merchant accounts services including credit card equipment and supplies.www.merchantequip.com/

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News about Merchant Account

Lehman merchant banking arm looks for backers

eFinancial NewsThe private equity direct investment rump of Lehman Brothers, which was excluded from the $2.15bn (€3.1bn) sale of the Neuberger investment management unit to Bain Capital and Hellman & Friedman yesterday, is in talks with various potential backers to take on the bankrupt US bank's stakes in its funds.http://www.efinancialnews.com/homepage/index/content/2452011...

This session will show you how to:

Direct Marketing AssociationAltman Dedicated Direct was founded in 1999 by Shari after 20 years in direct response marketing.http://www.the-dma.org/virtualseminars/multichannel/index.sh...

New rules for First Fridays

The Valdosta Daily TimesVALDOSTA — Since First Fridays was founded in June of 2005, the city of Valdosta has witnessed a surge in visitors to its historic downtown area.http://www.valdostadailytimes.com/local/local_story_27621493...

Life lessons you can bank on

The Yuma SunA local banker raised the interest rate to the old adage "A penny saved is a penny earned" when he explained to high school students how being penny-wise toward credit could earn dividends over a lifetime.http://www.yumasun.com/news/bank_44764___article.html/lesson...

London’s economic fall takes heavy toll

New Haven RegisterToronto Globe and Mail LONDON — Until a few days ago, when people talked about London’s bankers, they always mentioned a little place in Soho called Movida, where one night an investment banker spent $49,300 buying his half-dozen friends a few dozen bottles of fine champagne, which he simply sprayed all over the room like a Formula 1 victor. He then happily picked up the $26,700 cleaning tab.http://nhregister.com/articles/2008/10/02/news/a5-london.txt

News about Merchant Account

ProPay Announces Details of Electronic Payment Alternative for eBay ...

Consumer Electronics NetProPay understands the unique needs of these businesses and has created merchant services specifically for them. With ProPay, merchants can set up an account online and begin accepting credit cards without buying special equipment and making long ... http://www.consumerelectronicsnet.com/articles/viewarticle.j...

Selling on the Web

Jamaica ObserverYou may need to set up a merchant account that allows you to accept credit card payments through an online gateway, or you can stick to using PayPal, a free online payment service that allows individuals and businesses to transfer funds electronicallyhttp://www.jamaicaobserver.com/lifestyle/html/20081008T22000...

we-R-you Corporation Acquires Exclusive Rights to coRe TM Technology

Market WireShopping Cart applications are provided for Paying and Receiving Payment including Drag and Drop payment capability to anyone you do business with including an instant personal merchant account, and much more. "Even Social Networking is now possible ... http://www.marketwire.com/press-release/We-R-You-908102.html

5 Tips for Getting E-Shoppers to Click on 'Buy'

E-Commerce TimesProcessing payments through your own credit card merchant account not only saves you money (5 percent or more per transaction), it also enhances your credibility since your company name appears on the customers' credit card statement. Must-Do #4 ... http://www.ecommercetimes.com/story/security/64720.html

Brasch Words

American Reporter ... know there is a market for those numbers, and if he sold it for $20 and someone used it for the $200 plus what was charged to my account, well, there's a win-win transaction for them, and I'm the loser. But just a carelessly tossed copy of a merchant ... http://www.american-reporter.com/3,531W/61.html

Search results for Merchant Account

Merchant Account | Credit Card Merchant Account | Merchant Account ...

A-1 Merchant Accounts offers solutions for your businesses merchant concerns. Stop losing sales and get an internet merchant account today.http://www.a1-merchant-accounts.org/

Merchant Accounts - Services | Credit Card Processing - Machines

Why Pay More? Compare Merchant Accounts & Credit Card Processing Services From An Industry Leader! Get Free Credit Card Machines Plus Same Day Approval Today!http://www.merchant-accounts.com/

Merchant Accounts and Credit Card Processing Alternatives

The approval process is fast and simple compared to most merchant account application processes. Most merchants want to be able to accept all forms of payment besides just major ... http://www.ballisticmerchantservices.com/

Merchant Account Services by Gotmerchant.com!

Gotmerchant.com offers credit card processing by utilizing merchant accounts. They can help any business accept credit cards online today!http://www.gotmerchant.com/

Merchant Account | Credit Card Processing | Electronic Transfer, Inc ...

Merchant Account Services by Electronic Transfer. You can process credit cards, check and debit cards online or through a credit card terminal with your own merchant account.http://www.electronictransfer.com/
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Answers for Merchant Account

sdn90036Is it difficult to get a merchant account in order to accept credit card orders for an online business?sdn90036Paypal offers this type of service You must have a business paypal account setup they are much cheaper (in fee's etc) than the normal merchant account providers ps: I have used them for my...ftroop888How much does it cost to get a merchant account?ftroop888You can find free offers that waive any setup fees but you should look carefully at the transaction fees. If you do a web search on "merchant account" you'll see a lot of offers. The rates you'll pay ...kegliusHow to get an Internet merchant account with an acquiring US bank?kegliushello keglius, try Pay Pal.Diana DWhat is a good payment gateway slash merchant account solution?Diana DPayment gateway is a part of an eCommerce merchant account. A merchant account is the service that enables you to accept card payments. Payment gateway is an online service that merchant account provi...fReeSpiRitHow many Payment Processing services for a merchant account?fReeSpiRitWell, it is better to have all the possible payment processing methods available namely; credit card, debit card, check, electronic check, and wire transfer. If you can offer all of these, then, you c...
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