Definition of Merchant account:
A merchant account is a type of business bank account that allows a business to accept and process electronic payment card transactions. Merchant accounts require a business to partner with a merchant acquiring bank who facilitates all communications in an electronic payment transaction.
Merchant account relationships are essential for online businesses. These account relationships involve added costs which some brick and mortar establishments may choose not to pay by accepting only cash for deposits in a standard business deposit account. Merchant accounts are a type of commercial bank account.
A bank account that enables the holder to accept credit cards for payment.
Bank or other current (checking) account into which a trader receives the proceeds of credit card and electronic commerce (onsite or online) sales.
How to use Merchant account in a sentence?
- A merchant account is a bank account specifically established for business purposes where companies can make and accept payments.
- Merchant account services often come with added fees, but also an array of services.
- Often the money is deducted from the merchant account the retailer uses for its credit cards proceeds.
- Merchant accounts allow, for instance, a business to accept credit cards or other forms of electronic payment.
Meaning of Merchant account & Merchant account Definition