Merchant Accounts

When a business opens its doors and decides that it wasnt to accept credit cards as one of its payment methods, businesses need to have a merchant account. Businesses of all sizes, from sole proprietorships to large corporations all need a merchant account to process credit card transactions.

What is a merchant account?

A merchant account consists of an arrangment between a business and a credit card processing company to provide access to the network. Once a business has access to the credit card networks, customers will be able to make payments using their personal credit cards. The funds collected from these payments are then deposited into the merchants bank account. Most busineses utilize merchant accounts, especially a restaurant merchant account.

Merchant accounts fall under 2 main categories - a POS (Point of Sale) and a MOTO (Mail Order/Telephone Order) account or Internet Merchant Account. For businesses that have a store front, such as a restaurant or gas station, transactions are processed by swiping the credit through a terminal. MOTO and Internet sales are done without the physical swipe of a card, thus requiring additional information for approval.

The first steps for acquiring a merchant account require the merchant to fill out a merchant account application and submit it back to Keystone Bankcard for approval. Merchants have a tendency to turn to a local bank for merchant accounts - while this might be the easiest and most logical solution; it is not always the most efficient. Banks are not always as competitive as private agents, nor do they always offer the latest products that are available to the industry.

Once a merchant is approved for a merchant account, they need to be integrated into the processing network. This can be done through any of these products; credit card terminals (also known as credit card machines), a virtual terminal or credit card processing software. Depending on the business model and/or what the merchant feels comfortable with, one or more of these products can be used to process credit cards.

After the terminal is set up, a merchant is ready to begin processing credit cards. Once a customer's purchase is totaled, the credit card can be swiped to fund the transaction. If the card is approved, the purchase will be completed - if the card is declined, the merchant will be notified immediately and the purchase will not be able to be completed with that credit card. At the end of the day, the total transactions are calculated, sent off to the bank for funding (also know as Batching) into the merchants bank accont. This process normally takes about 1 or 2 business days.

 

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Why choose us?

• 01.
  Merchant ServicesOur Strong Banking Relations Allow Us To Handle Most Domestic And High Risk Businesses.
• 02.
  Processing RatesOur Wholesale Buying Power Allows Us To Offer The Lowest Rates In The Industry.  
• 03.
  Virtual TerminalsMost Advanced Virtual Terminal Software Available On The Internet.