Merchant Accounts 101

Opening a new business entails many steps, from creating a business plan to coming up the funds to make it happen. However, early on in the planning process you will come across the term merchant account. If you’re a new entrepreneur, you might have a few questions, such as what is a merchant account and how does it work?

A merchant account makes it possible for business owners to accept credit, debit, and gift cards, as well as checks and other payment options. If you’re ready to launch an online business, you will need to open an internet merchant account with your bank or a merchant account provider such as Solid Trust Pay.

So how does it work? Once you’re approved for a merchant account with a company like SolidTrustPay, you can begin accepting credit cards through your website. Your customers can visit your website and make a payment through your shopping cart; once the card information is submitted to the site, the third party merchant transferred the information to the processor. In seconds, the processor reviews the card information as well as the cardholder’s account and either approves or rejects the payment. As the merchant, you will then receive the results. If approved, the transaction will feature a unique I.D. number. Through, business owners can access their funds almost immediately.