Four frequently asked questions about merchant
accounts.
Q1. What is a merchant account?
A bank account that
enables businesses to accept credit cards and e-cheques is called merchant account.
Q2. What’s the general procedure to set up a
merchant account?
In order to set up a
high risk merchant account you are needed to apply with a bank making use of
your existing business account (connected with your business’s federal tax ID).
The function of merchant account will be to collect and deposit credit card or
e-cheque transactions into your business account.
Q3. What are the basic requirements in opening
up a merchant account?
The signatory or the
account holder requires any government authorized ID accompanied by a bank
letter with the company name, account number, ABA bank number and signature of the
bank officer.
Q4. What is a payment gateway?
Payment gateway
helps in transmission of credit card information from business account to bank
account in a secure manner.
