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Subjects>Business>Accounting

What is the purpose of an online merchant account?

Anonymous

∙ 10y ago

Updated: 9/28/2023

The purpose of an online merchant account is to sell things online. Online merchants need a merchant account or internet merchant account in order to accept payments. Merchant accounts are supplied to online traders by banks and payment service providers like PayPal and, in the UK, Nochex.com.

Wiki User

∙ 10y ago

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What is the purpose of a merchant account in terms of credit card usage?

The purpose of a merchant account in credit card usage is that if one opens a business and accepts credit card payment online, one has to have a merchant account.

What is the purpose of an eCommerce merchant account?

An eCommerce merchant account is a payment gateway for businesses doing transactions online, primarily using credit cards. The merchant account with the credit card company, such as Visa, is what allows the business to accept credit card payments online and have them processed.

What is the purpose of third party credit card processing?

The purpose of third party credit card processing lets one accept online payments without a merchant account of one's own. Instead, the service provides their own merchant account for you to use.

What is the purpose of an offshore merchant account?

"An offshore merchant account is an account that allows the owner to accept credit card payments through a bank not located in the merchant's country. Generally, a merchant would start and offshore account to reduce their tax liability."

Where can one find more information about fixing a bad credit merchant account?

Information on fixing a bad credit merchant account can be found online. Websites such as 'Instabill', 'High risk-Merchant Account', and 'Emerchantbroker'.

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