Merchant Bank Account

  • A merchant account is a type of bank account that allows businesses to accept payments by debit or credit cards. An Internet merchant account is a merchant account that allows businesses to accept debit or credit card payments over the Internet.

  • If you're looking to accept credit cards online, you're going to need an Internet merchant account. Internet merchant accounts are merchant accounts specifically designed for processing credit cards online. Typically, the Internet version has more security controls than your traditional merchant account.

  • In addition to an Internet merchant account, you'll also need a payment gateway service to move the money between your shopping cart and the banks or credit card companies involved with the transactions.

  • A merchant account is established under an agreement between an acceptor (the client) and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, Independent Sales Organization (ISO), or Member Service Provider (MSP), or a Payment Services Provider (PSP) like PayPal is also a party to the merchant agreement.

  • Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator such as PayPal, the agreement contractually binds the merchant to obey the operating regulations established by the card associations.

  • A payment gateway (ISO, MSP or PSP) is an e-commerce service that authorizes payments for e-businesses and online retailers. It is the equivalent of a physical POS (point-of-sale) terminal located in most retail outlets. A merchant account provider is typically a separate company from the payment gateway.

  • Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways. The gateway usually has 2 components: a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or b) have the website's shopping-cart connect to the gateway via an API to allow for real time processing from the merchant's website.

  • The Offshore House Limited has relationships with a number of merchant banks and payment gateways. We can assist you open a Merchant Account.