What is a merchant account for eCommerce?

A merchant account is a type of bank account that’s specifically for businesses. However, many people are unaware of the different types of accounts available, and some might not understand how to get one. Luckily, this article will dispel any myths about what you need for a merchant account and how you can apply for one.

If you’re wondering what is a merchant account for eCommerce, then read on!

What is a merchant account for eCommerce?

A merchant account is a type of bank account that’s specifically for businesses. However, many people are unaware of the different types of accounts available, and some might not understand how to get one. Luckily, this article will dispel any myths about what you need for a merchant account and how you can apply for one.

A simple overview

A merchant account is a type of bank account that’s specifically for businesses. However, many people are unaware of the different types of accounts available, and some might not understand how to get one. Luckily, this article will dispel any myths about what you need for a merchant account and how you can apply for one.

Merchant accounts come in two flavors: credit card processing and check processing. A credit card processing account (or more simply, a merchant account) allows you to process credit card payments through your business. This is usually done through PayPal or Stripe payment gateways. If you’re wondering what is a merchant account for eCommerce, then this is the type of merchant account you need! More information: Merchant services California

A check processing account also allows people to make purchases with their checks or cash at your store. Unlike a credit card processing account, however, it doesn’t allow customers to pay by debit or credit cards. You’ll have to process their payments manually in order to get them on board with your products or services.

One thing that might surprise people is that they don’t actually need a brick-and-mortar location in order to apply for a merchant account of any kind. All they would need is an internet connection and a computer capable of handling the transactions–it can be at home if necessary!

Read more:

• What is a Merchant Card Processor Account?
• What is a Merchant Service Provider?

What are the different types of merchant accounts?

There are four types of merchant accounts: traditional, e-commerce, mobile, and virtual.

• Traditional Merchant Account
  • If you run a brick-and-mortar store that takes credit cards in person, then a traditional merchant account may be best for you. You’ll need to submit a business license application with your state’s Secretary of State office, as well as apply for an Employer Identification Number (EIN). Traditional merchant accounts also require a contract between the store and the credit card processor.
• E-Commerce Merchant Account
  • If you sell products online but don’t plan on taking credit cards in person at your location, then an e-commerce merchant account would be best for you. These accounts only require an EIN number.
• Mobile Merchant Account
  • A mobile merchant account is perfect if you have your own app, or if your customers need to use a different payment option other than credit or debit cards in order to make purchases from your app. Mobile apps that offer this type of payment include Square and PayPal Here. With this type of account, there is no contract between the business and the credit card processor needed.
• Virtual Merchant Account
  • With a virtual merchant account, the business does not need to give personal information about themselves when signing up for an account because it’s all done online – so it’s great for businesses that want to stay anonymous! There are some disadvantages of using this type of account though because some services cannot be offered

Subscription-based accounts

The first type of merchant account is a subscription-based account. These accounts are usually used for subscription-based businesses, such as Netflix and Spotify.

What’s nice about subscription-based accounts is that they are typically very easy to get approved for. The downside, however, is that the monthly fees can be quite high and vary depending on the company you’re applying with. For example, if you have a business like Netflix that charges a monthly fee, then your fees will be more expensive than someone who owns an online business with no subscriptions.

Prepaid cards

Some business owners might not know that prepaid cards are a type of merchant account. Businesses that operate on an eCommerce site need to accept credit cards as a form of payment. With this type of account, the company will pre-pay the credit card company for any transactions they make. This is also known as a “card present” transaction and can be applied for if you have at least $25,000 in annual sales volume.

How do you get a new account?

A merchant account is an account that your business can use to accept payments. It’s like a bank account, but for businesses. However, it isn’t as straightforward as opening a new checking account. Your business must be able to provide documentation and fulfill certain requirements before you can open this type of account.

When looking for a merchant account for your eCommerce store, it’s important to understand what is a merchant account for eCommerce. There are various types of merchant accounts, so choosing the right one for your business can be a challenge. Your account will be based on the type of business you run and how you want to process your credit card payments. Understanding the three main types of merchant accounts and what they offer can help you decide which account is best for you.

With over 12 years of experience in merchant credit card, POS systems, and digital marketing, MAC USA is proud to be the largest market share for the Vietnamese community. We currently support thousands of customers with an annual processing volume of $1.5 billion+.