Different Types of Merchant Accounts
A merchant account is a highly essential element for any business.
It
allows businesses to accept credit card payments and conduct other
financial transactions so that customers have the option to choose their
preferred...
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Different Types of Merchant Accounts
A merchant account is a highly essential element for any business.
It
allows businesses to accept credit card payments and conduct other
financial transactions so that customers have the option to choose their
preferred payment method, thus translating to increased sales and
revenue.
There are different types of merchant accounts to match the needs and
requirements of different businesses:
• MOTO (Mail or Telephone order) – This one is phone based or direct
mail order processing for customers who can purchase your
product or service from the comfort of their own home.
This usually
has a huge discount rate and lower fees and removes the need for
any physical equipment.
• Internet merchant account (Ecommerce/Website order processing)
– This type of merchant account has high demand these days due
to the rising number of websites doing business online.
The retailers
or vendors make use of an ecommerce merchant account for selling
their products ove
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