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What is a merchant account?

A merchant account is an account with a merchant account processor (or a financial institution acting as a processor) that enables you to enter and process credit card transactions.

How does it work?

You submit the customer's credit card information to the merchant account processor, which then authorizes the transaction. As each transaction is authorized, the money is transferred into a holding account with the merchant account processor. The money from the holding account is transferred to your designated bank account on a regular basis, either daily or weekly (depending on the merchant account processor's schedule).

The sales transactions that you have processed on a given business day are accumulated and deposited into your bank account as a single amount. In addition to your monthly bank account statement, you'll receive a statement from the merchant account processor that shows the total amount of each day's transactions during that statement cycle and the fees that were charged.

See also

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