Importance Of Internet Merchant Account

Generally, the merchant account is an online bank account, which will hold your money for a short period of time until your money is carried into your existing bank account. This is a fundamental component of any e-commerce movement. Your money will be transported into your online merchant account and will remain there for at least 2 to 7 days and then it will automatically transfer into your bank account. Businesses who want to accept online payment should have an internet merchant account if they want to accept card payments. Internet merchant account is not an ordinary bank account and you won’t be able to deposit or withdraw money directly, rather it will be managed by the bank or else by your payment service provider.

There are two methods through which you can achieve internet merchant account:

• You can obtain a merchant account directly through your bank or any other high profile bank. But make sure that you still need to have your separate payment solution, so that you can use it.

• Your payment service provider can provide you an internet merchant account with the help of an approved banking companion. 
There are two types of merchant account:

•  Dedicated merchant account:
This account is set up just for you i.e. for the merchant. You can consider it as your own online bank account, which is set up for your online business. With the help of dedicated merchant account, you can negotiate the rates for your sales.