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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When applying for a merchant account, you’ll be asked to fill out a merchant application. The application is typically standard across most merchant service providers with regard to the information collected on the application.

In addition to the application, you’ll be required to provide support materials as they relate to the business and owners. Required merchant account support documents are as follows:

• Business organization documentation
  • Business articles of incorporation
  • Or Non-Profit documentation
  • Or Sole Trader documentation
• Company Directors’ proof of identity
• Voided business check
• Business or applicant financial documentation
  • Previous processing statements
  • Or business banking statements
  • Or owner(s) personal banking statements

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Acquirer (also known as an acquiring bank or merchant bank). A financial institution and a member of a card association licensed with credit card companies. Best known card associations are Visa, MasterCard, American Express, JCB, Diners Club, China UnionPay.

Acquirer is a bank that accepts or acquires performed transactions with a use of credit and debit cards issued by all banks within the card association scheme.

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Refund – it’s the money (or its transfer) which a customer receives from a merchant after making a complaint. The whole process usually looks like this:

1. a merchant receives a complaint from a customer
2. after analyzing the complaint, the merchant decides whether to refund the whole transaction, just part of it or refuse to give back any money at all
3. if the merchant decides to refund, it makes a proper request-usually instructions are passed to the acquiring bank via PSP
4. the acquiring bank contacts the issuing bank, which pays the money to the customer

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