An internet merchant account is essentially a bank account for an online business. It allows merchants to deposit and refund online payments. It is typically obtained through an acquiring bank. Merchants pay a processing fee for each transaction processed.
What do internet merchant accounts do?
An internet merchant account (IMA) is a type of account that enables you to accept customers credit and debit card payments directly online. There are other ways of processing credit and debit card payments for online sales, including online payment processing services, and online market places.
How do I use a merchant account?
How a credit card merchant account worksA customer decides to make a purchase on your site and enters his payment credentials.A payment system integrated into your site transfers the payment request to the merchants acquiring bank.The acquiring bank sends the payment request to the clients issuing bank.More items •29 Oct 2020
What do you need to open a merchant account?
Merchant account requirements listBusiness bank account. Financial statements. Business license. Physical address. Completed Application. Employer Identification Number (EIN) Articles of incorporation. PCI compliance.More items •3 May 2021