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The Types Of Credit Card Merchant Accounts Available

Posted by Art Of Legend India [dot] Com On 10:59 PM
Visa Tablet Credit Card
Short Summary: Let us have a look at the different credit card merchant accounts that are available to merchants for different types of business model.

A merchant account is the most important requirement that a merchant should have if he or she plans to accept payments through credit cards. The merchant account is mandatory for accepting credit card payments and has to be opened even if the merchant has a business banking account. The merchant can approach a bank, financial institution or a third party company for a credit card merchant account. The merchant account is established between the merchant acquiring bank and an acceptor through an agreement and is done so that the credit card transactions can be settled. Many payment-processing solutions will have the merchant account option and can be used. There are three types of credit card merchant accounts that can be opened and we will look into each one of them in brief.

Retail merchant account

  • This is a credit card merchant account that is considered to be the most restrictive when it comes to the rules that are associated with them
  • These accounts also have the lowest transaction fee and are used in brick and mortar businesses like hotels, restaurants, stores etc.
  • The transactions that are made using this account will be only ‘card present’ transactions and therefore the risk involved in the transaction is considered minimal.
  • As the risk is lower, the transaction fee is generally lower.
  • Most of the transactions will be done by swiping or dipping the credit card in the credit card processing machine
  • This is one of the easiest merchant accounts that can be obtained

MOTO merchant accounts

The Types Of Credit Card Merchant Accounts Available
  • MOTO (Mail Order / Telephone Order) merchant accounts are used when the credit card payments are received through mail or over the phone or fax.
  • These types of transactions do not require the physical card to be present at the point of sale.
  • These accounts were primarily developed to help the credit card processing needs of the mail order companies who tend to receive almost all of their sales through mail or by telephone.
  • This type of transaction is considered a very good option if the business of a person involves receiving order through phone, fax or mail.
  • The credit card details are fed into a virtual terminal that is a secure webpage that is linked to the credit card processing company.
  • The data is sent to the company for authorization and upon receiving the auth; the product can be delivered to the customer.
  • This credit card merchant account generally has a higher transaction fee than the retail merchant account as the risk is perceived to be a bit more and acquiring the account is a little more difficult.

Internet Merchant Account

  • This is the credit card merchant account that is required for accepting credit card payments online.
  • The rules and regulations for getting this type of merchant account is a lot more than the other two merchant accounts as this is considered a credit card payment type that has the highest risk.
  • Because of the high risk, the transaction fee is also on the higher side and it takes a lot more procedures to secure an internet merchant account.
Matthew Anton is a business analyst who researches on the latest technologies that are introduced into online payment solutions. Matthew helps businesses to identify the right online merchant solutions for their business that will help improve efficiency while cutting costs.

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Company Overview

Art of Legend India has the distinction of being one of the best in the Indian Handicraft Industry. We are about 75 years old handicrafts manufacturer & exporter. We are having team of more than 500 craftsman.

We are having our business offices in India, USA & Germany to ensure our best services., Development and Marketing Services