What is a merchant account?
A merchant account is a bank account used to accept payments online for the service or commodity offered by a website or What is an merchant account. In other words merchant accounts are an account which temporarily holds funds received online from your business after they have been approved and processed before getting settled to the merchants business account.
Unlike business bank account customer / client doesn’t have a direct access to these merchant accounts, rather the funds received online is settled by the acquiring bank to merchants respective business account on a timely manner, this settlement period differs from bank to bank.
Merchant account for company
Merchant accounts may have various features depending on the business nature and merchant requirement even though merchant accounts are mainly of two types Low and High risk merchant processing accounts.
Full-Service Merchant Account provides the merchant to possess their own account and which is separated from other Merchant processing. Merchant’s underwriting and due diligence is done before on boarding and this type of account comes with a dedicated MID(Merchant identification Number). Aggregated Accounts are provided with the help of payment service providers (PSP) and are aggregated that is they won’t have dedicated MID , this type of accounts can be easily opened online and start to accept payments online quickly compared to the other, but the risk factor is higher in aggregated accounts.
Merchants can opt any of these two types of account for their business depending on their actual requirement and Offshore Gateways helps our merchants to ease up the process and find a secured merchant account for all the merchants from high and low risk industry rather than providing all the merchants same solution we often filter out the requirements of our merchants and looking at their processing volume and markets we provide a tailor made solution for each merchants.
High Risk Merchant Processing Accounts
High risk merchant account refers to the categories of businesses or merchants who falls under this category of business which are viewed as high risk by the payment processors or credit card issuing agent Merchant account for company. Since there are high charge back ratios and mostly likely to default on its payments or where the risk of fraudulent transactions are higher.
High-risk businesses are often those which are new and have a history of credit problems, or operate in an industry which is considered contentious or which are not predictable. E commerce businesses often naturally fall into the high-risk category, because they accept something known as card-not-present transactions—card payments where the merchant doesn’t physically “see” the customer’s. A high-risk merchant account provider that won’t take advantage of the situation. Many merchant account providers understand the predicament you’re in and are going to charge you higher fees.
Due to all these reasons often merchants are charged with higher rates. Offshore Gateways specialised in catering high risk merchants and understand the predicament merchants are in and help to secure merchant account which is competitive in terms of rates and processing.
Online payment companies allow people and businesses to change currency electronically over the net These companies are really common with consumers and merchants. One of the more common online commerce companies with more than 40 million members in 45 countries, providing private and business accounting services. Both types of reports provide funds to be transmitted electronically among members, but just this commerce accounting enables merchants to receive credit card payments for goods and services.
The advantages of online payment companies are that they're fast, simple, and inexpensive to go, irrespective of The approval rating or expected sales volumes, and you will get payment from any customer with an e-mail account. You may get the funds deposited directly into your account get a stop released and sent, or get funds in your account to take on using the debit card. This will confuse people who in some cases would leave This purchase.
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