What is an internet merchant account
It’s an account with a bank that allows you to process credit cards online. Most businesses have a merchant account with their banks that provide Point Of Sale (POS) systems for debit cards and credit card processing. But most banks do not process payments received through the internet. An Internet merchant account lets you to:
- utilize their payment gateway to securely process credit card payments online;
- view past transactions, create reports, and process refunds;
- transfer funds to your financial institution;
- download monthly statement to your accounting software or download a CSV file
How it works
- Your customer inputs credit card information in Your Online Store.
- The Payment Gateway encrypts data and securely sends it to your Internet Merchant Account.
- The transaction is reviewed for authorization by the customer’s issuing bank.
- The result is encrypted and sent back through the gateway.
- You get the results and decide whether or not to fulfill the order.