Merchant account
Merchant account is a bank account which is established on an agreement between the merchant & and a bank and/or a payment gateway. Merchant account helps to collect credit card payments online.
Merchant account can be divided in two ways, own merchant account & third party merchant account.
Difference between own merchant account & a third party merchant account ?
Own merchant account:
If you have own merchant account, it means you get to bill credit cards yourself. Having a own merchant account is a lot of responsibility! You will have to store your client details & your client’s credit card numbers in your own database, would have the power to bill them any time you want for any amount. Because you have so much power this type of an account is a little harder to get started with.
Third party merchant account
A third party merchant account managed by a third part on your behalf. Paypal and 2checkout are what you can call third party merchant accounts. They store the credit card numbers that charge your clients. With a third party merchant account you create a ‘item’, just like in a the shopping cart, decide how much to sell that item for, and decide if its going to be a recurring charge or not. Then you a get a link to provide your customers with, your customer will go to the link to signup with you.
Edward said,
October 5, 2006 @ 1:33 pm
Well, also it is important to research on your payment processor about their reliability and check whether they gear up all transaction in secured environment ? no doubt they should have robust fraud protection system to avoid online fraud on first attempt.
Web Hosting Tutorials | Web Hosting Service | Linux Hosting » CDGcommerce said,
October 6, 2006 @ 10:54 am
[...] CDGcommerce is a merchant services company found in 1998. This company is focused on providing a professional, advisory and merchant-centric payment processing service. [...]
Bob said,
October 6, 2006 @ 12:18 pm
Always request for a quote from 2 -3 payment processors before finalising one of them, check who offer you the best rates, there are many professional and reliable merchant account providers out of that at least as good as CDG Commerce and with better rates.