What is a merchant account?
Any firm who wants to accept credit card payments must have a merchant account. A merchant account is a pass through account with a payment processor (FNMS) for processing credit card payments. Once the credit card payment is processed, funds from your transaction are deposited into any other bank account that you choose.
A merchant account is the ability for a business of any kind to accept credit cards and debit cards for payment. It is sometimes referred to as credit card processing or merchant services. A merchant account is issued by a processing bank who then underwrites the account much like a loan. The purpose of merchant account services is to receive and disburse funds from credit card transactions.
