Merchant Account: Your Business Need

Merchant Account

For your business to accept payments via debit and credit cards, you will need to have a merchant account. But first, get to know what a merchant account is before getting one.

What is a merchant account?

Merchant accounts are online bank accounts programmed with independent payment processors. It means that your business bank account is separate from it. The money that you get from credit card transactions will be sent to the merchant account before it will be transferred to your business account.

How does merchant accounts work?

For every card transactions you have, your merchant account will process it directly and takes a percentage for every transaction. It will then deposit the remaining amount straight in your bank account. As for you, you don’t have to do anything as this is all processed automatically by the system. Also, some payment processing companies allow you to have access to all transaction records online that will help you track every processed payment.

Ways to Get a Merchant Account

For you to have a merchant account, first, you need to apply and get approved. All credit card companies make sure that every cardholder is eligible to receive goods or services from the company. If such goods or services are not provided, the cardholder has the right to get their money back. It’s also necessary to have financial documents so that you will have a greater chance of getting approval. A financial document with good processing history is also an important factor that you can use to support your application.

Providers actually need you more than you need them. For you not to end up wasting time with a garbage processor, also do your own research. If you’re in contact with them, try negotiating with their sales rep to get your business. Once you’re all done, remember to check your transactions and the fees all the time to make sure you get what you’ve signed up for.

Get your FREE consultation with Agapay today! Call us at (800) 644-3909 or send us an email to

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