What is an Internet Merchant Account (IMA)?
A merchant account is a type of bank account that allows businesses to accept payments by payment cards, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or member service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator such as PayPal, the agreement contractually binds the merchant to obey the operating regulations established by the card associations.
Setting up a merchant account usually involves the bank understanding your business and working with a third-party processor to arrange a mechanism for accepting payments. Merchant accounts are usually required for accepting customer credit card and electronic payments through an electronic commerce Web site.
Features of merchant account :
1.Boost Web sales and cash flow .Earnings are deposited into your bank account typically within 24-72 hours.
Make shopping convenient – accept credit, debit (ACH payments), and gift cards from Visa®, MasterCard®, Discover®, and AMEX®.
2.Cut down on paperwork .Easily review account details with online reports you can access anywhere, anytime. You and your customer receive email alerts when orders are placed and approved.
3.Reduce your risk .Advanced fraud detection measures minimize chargebacks and inventory loss.Address Verification Service combats fraud by comparing the shopper’s billing address with the address on file with the card-issuing bank.
You can sign up for an merchant account service from providers like TheWebPole.com their plan starts at $74.99 and varies depending upon discount rate ,per-transaction fee.Merchant account service from above provider handels secure credit card processing, check for potential fraud, and get your funds deposited quickly. You enjoy more sales, less risk, and better cash flow.
An internet merchant account is how a website visitor’s credit card is connected to the banking industry. It verifies whether or not a credit card is valid and processes the payment into an account. It is effectively an on-line bank account. All on-line shopping carts must use some kind of IMA to accept payment. Does NeoNexus take care of my Internet Merchant Account (IMA)? Since money is handled by the IMA, you do NOT want your website company with access to your bank account. NeoNexus will help you through the process, but the IMA will be in your name. Does NeoNexus recommend which Internet Merchant Account (IMA) I should use? NeoNexus does make recommendations. We also will work with your local bank if they are entering the internet merchant account business. NeoNexus uses PayPal Standard, PayPal Pro, Authorize.net, and First Data, among others. The advantage of PayPal Standard is that there are no monthly fees; only per transactions fees. The disadvantage is that the website visito
