How much it cost to open a merchant bank account

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Merchant Bank Accounts
A merchant bank account allows the business to accept funds for their service or commodity offered online by credit or debit cards or in other words a merchant bank account is simply a bank account in which the merchant can receive and process their funds. To obtain a merchant bank account, merchants are required to partner with an acquiring bank or a payment service provider; we have to understand the fact that a merchant account isn’t the typical bank account.

Merchant accounts help the businesses to accept credit/debit card payments or any other type of electronic payments although merchant accounts come with added fees , they offer a variety of services.

Merchants are classified into two
High risk – Mostly in high business the transactions are happening as cards are not present and comparatively the charge backs are higher in this category and such businesses are termed as high risk business/entities.

Low risk – Most of the time the transaction is done as card present and chargeback for fraudulent transactions are lesser in this case. These categories of businesses are termed as low risk businesses/entities.

Merchant account providers
Merchant account providers help the businesses to accept online payments by offering merchant accounts, depending upon the requirement of the merchant acquiring banks to provide them the services required.

Depending upon the type of payments accepted and factors such as transaction volume, geo markets, and currencies accepted these all together determine the fees. Different types of payment acceptance may require separate merchant accounts.

These merchant account providers facilitates this payment process, they play an integral part in any online business, and since there are many merchant account providers available out there it’s very hard to find the right provider for your business and Offshore gateways ease up this hectic process and delivers tailor made solutions for each businesses exclusively matching their need and getting a right acquiring bank to partner with and start processing.

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