A merchant account is basically a contract between a bank
and the merchant which allows the merchant to get all the transactions made
while buying their products in return of a reasonable fee to the bank. The
acquiring bank or the financial institution provide his credit to the merchant,
then process the customer’s credit card information and finally approves the
transaction.
Sometimes the banks don’t extend their services directly to
the merchants and in such cases merchant account service providers deliver
their services to such business owners. AMLSV is one of the leading merchant
account providers which have been giving merchant accounts to many businesses.
AMSLV has connections with large number of acquiring banks through which the
merchant accounts applications are fast approved.
How
the payments are accepted or rejected?
The transactions are done with the help of a payment
gateway. A payment gateway is nothing but a place to pay for the items to be
bought. It is similar to cash counter in retail stores. Many websites use the
same payment gateway for accepting the payments online. The payment gateway can
be connected with the shopping cart on the merchant account provider’s site. So,
this way the payments done online are processed.
After the order is placed by the customer along with the credit
card information, the information is send to the payment gateway, which forwards
it to the acquiring bank of the merchant. The bank further forwards the information
to the card association, from where the information is send to the issuing bank
of the card, which processes the balance available with the customer. Then the
bank approves or rejects the payment made by the customer and also provides a
valid reason for rejection.
Many merchant account providers provide free credit card
terminals and internet payment gateways and even free payment gateway software
while others charge a low transaction fees. But the important thing is every
e-commerce business should look for reliable and secure merchant account
services.
AMSLV offers fraud-proof merchant account services for all
types of business owners. We also offer PCI-complaint gateway through which you
can keep a track of all transactions taking place and prevent chargebacks.
