A regular Merchant Account is an account set up between a retail company and a merchant bank, which allows the business owner to accept a credit card payment from a client, in exchange for goods or services not sold through a website.
On the other hand, an Internet merchant account is available if you wish to accept credit cards online. Through your business name, you will need your own Internet merchant account and your site will be obligated to provide certain data to satisfy the processing company criteria, which distributes merchant accounts, .
Getting an Internet merchant account to accept credit cards on the Internet is slightly more trying than obtaining a 'regular' merchant account, because the card is not present nor is a signature obtained. Therefore, a processing company will demand additional information about your web site to help confirm your business is legitimate. Your site will need information like a privacy page, contact information and a return policy, including all prices and descriptions of the products before being approved.
Internet merchant accounts are considered part of the "Mail order - Telephone order" (MOTO) processing accounts because the card owner isn't there, and a signature isn't always taken. Nowadays, the three-digit number from the opposite of the credit card is used during an Internet purchase in place of a signature. Some banks have an additional password checking system. However, Internet merchant accounts still accept more fraudulent transactions than face-to-face merchant accounts, and for that reason, the processing fees are usually higher.
There are the two types of merchant accounts that exist in the financial world. However, keep in mind that simply looking for a merchant account isn’t what you should first do to find one. The best way to find a service is to look for the best credit card processing Agent in the country. Because, just as all companies have employees who are better than others, these companies also have independent Agents who control how much you are billed for services. Therefore, it’s not the company you should focus on, but locating an Agent who is willing to give you affordable pricing for quality service.
