August 25, 2016
Credit card transactions processes are done with the help of a payment gateway sites http://merchantaccountsolutions.com. Customers who purchase via online store can enter their credit card numbers during checkout process. E-commerce site sends all credit card information to payment gateway in order to authorize transaction and to process the payment. The credit card information submitted to the payment gateway matches with credit card company and charge will be approved the payment gateway will transfer the money from clients customer credit card into their merchant account. Merchant account is basically an online account which will temporarily hold their money until it is moved into the customer bank account. Most of the cases automatic transfer of money is done and to the credit most of the amount is transferred usually between 2 to 7 days. Merchant account can be thought of as a temporary holding tank for the money which comes from online sales. Compare to payment gateways, the most complicated one is the merchant account. Two different types of merchant account are available. One can set their own merchant account for their business. One can negotiate custom rates for sale with the help of merchant account. The rates are based on the volume of sales and selling of the products.