Setting up a merchant account is above all about business possibilities. If you’re serious about your ventures, you can’t run an online shop nor accept card payments on your website without having it. Don’t cut corners, do it right!
What in Lord’s name is
a merchant account?
It’s a separate bank account or rather a line of credit to a merchant that allows business to accept online payments, meaning money from online transactions. This account is established under an agreement between a merchant and an acquiring bank for settlement of all transactions processed on your website.
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CVV2, CVC2, or just the card security code (CSC), are different names for the security features for credit and debit card transactions. CVV2 provides increased protection against credit card fraud.
How it works?
Imagine that you’re buying something over the Internet, fax, mail or phone. Since you’re not present in person, such transactions are called “card not present transactions”. Normally, you give your card to a merchant. You take it out of your wallet, you can present your signature or prove that you know the PIN. Somehow you prove this card belongs to you. Everything goes well…
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I keep hearing the same questions over and over again and it doesn’t look like coming to an end… What the hell is a PayLane account? What’s the difference between a PayLane account and a merchant account? How many accounts do I need to have? And so on…
So let’s make it clear once and for all. Quick and short. Here’s what it’s all about.
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It’s very important to choose a proper business model at the very beginning of your online payment fun. Your success depends on the method you select. Fortunately there are a few possibilities you get to choose from. Each one is assigned to a different online business type.
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These verbs – credit and debit – seem to confuse people. So let’s see if one shall be happy if the bank teller checks their account and says for example:
The full amount of the purchase has been credited to your account.
Surely, as it means that the full amount has been added to the account. As a noun used by accountants credit means an addition to certain accounts.
On the other hand we have a verb debit and the incoming example. Merchant has recently refunded a purchase price of 123 USD to one of his customers but cannot see it in his billing statement, therefore asking the acquiring bank if his refund was successful. The acquiring bank replied:
The merchant has been debited on 12.03.11 with the amount of 123 USD.
So the money have been withdrawn from the merchant’s account and the refund was handled properly.
When a bank account has a positive or debit balance,it means the bank owes money to the customer; and if it has a negative or credit balance – the customer owes money to the bank.
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