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Merchant accounts

 

A merchant account is a special type of account required by all online and offline merchants. Client funds are accumulated in the merchant account before being transferred to the business account. Only a merchant account can help to receive payments from customers using their payment cards and other online methods (Internet-banking, digital wallets).

 

Why is a separate account required? This is for security reasons. In case of the refund request, the money will be refunded to the trader from the merchant's account.

 

How it works?

 

The companies which get payments on the website receive a unique ID of your transaction, which allows you to automatically transfer money from courier cards to a company account. This number is linked to the company bank account. After the trader clicks the "Pay" button on your website, the money charged from the trader’s card will be sent to the merchant account. The purchasing bank will automatically transfer the money to the trader’s account.

 

In order to connect a Forex merchant account to a website, you need to follow the following rules:

 

  • First of all, the website of the company should be publicly accessible.

  • Secondly, you must have an SSL certificate.

  • Also, the website must contain all the necessary information about the company, type and description of goods and services offered by the company.

  • All the necessary information about the return policy must be on the site.

1. What is merchant account?

 

A merchant account is a special type of account required by all online and offline merchants. Client funds are accumulated in the merchant account before being transferred to the business account. Only a merchant account can help to receive payments from customers using their payment cards and other online methods (Internet-banking, digital wallets).

 

2. Who uses a merchant account?

 

Often such accounts are used by companies operating in the global network: online stores, gaming sites, online casinos, etc. But not only: merchant accounts were also used in “physical” outlets, but for this it is easy to get a POS terminal.

 

3. Why is a separate account required?

 

This is for security reasons. In case of the refund request, the money will be refunded to the trader from the merchant's account.

 

4. How it works?

 

The companies which get payments on the website receive a unique ID of your transaction, which allows you to automatically transfer money from courier cards to a company account. This number is linked to the company bank account. After the trader clicks the "Pay" button on your website, the money charged from the trader’s card will be sent to the merchant account. The purchasing bank will automatically transfer the money to the trader’s account.

 

5. What do I need to connect a Forex merchant account to a website?

 

  • First of all, the website of the company should be publicly accessible.
  • Secondly, you must have an SSL certificate.
  • Also, the website must contain all the necessary information about the company, type and description of goods and services offered by the company.
  • All the necessary information about the return policy must be on the site.

 

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