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A NOTE ON NON-BANKING FINANCIAL HIGH RISK MERCHANT ACCOUNTS

We all know what a bank is and we also know its functions. But there are other financial institutions which provide monetary help and the same procedures as the banks do. They also provide loans and deposit mobilisation but in a different way. These are called non-banking financial institutions. Likewise, a merchant can also manage their account to provide financial activities to the customers.

The merchant acts like a middleman or intermediary who transfers funds from the ultimate money lenders to the original borrowers. The merchants issue their own liabilities to the customers in order to obtain funds and they use this money to buy financial assets like stock, mortgages or bonds for themselves. In this manner, the merchants intermediate between the original savers and the final borrowers. In economic terms, the merchants holding such accounts provide liquid assets to the customers as their liabilities are kept as close substitute for money. A merchant account provides mobilisation of the use of various accounts. Multiple credit card facilities are kept before the customers to choose from. The customers can easily make payments through their credit cards after a few necessary steps. During the early days, these non-banking financial merchant accounts took place in many places especially over the southern part of Asia. It was started from money lending systems. The merchants would operate the transactions from home.

After the invention of the internet banking systems, every merchant account has been promoted to a high level of business progression. The technology has left its significant evidence spread as a revolution to the banking systems. Non-banking financial merchant account makes the same margin of profit as a commercial bank makes in a year. But the number of customers is less in the non-banking financial merchant account system. According to the economic development and a rise in the electronic banking system like e-commerce, a new set of ideas has been improved. A new membership group has been formed in order to maintain a healthy relationship between the merchants and the customers. Now the customer can register themselves with the merchant account. Instant provision of a user-id and password is made. This way both the merchant and the customer can access into their account to check the transaction details. In modern day banking sector, commercial banks are concentrating more on the secondary functions, draft, credit cards, safe locker, etc. This is according to the change in the economy. This is essentially increasing the employment opportunities and it is based on success and failure of monetary economics. The merchant account holders have neglected the importance of providing employment with an intention of bringing about modernisation as well as profit as the main procedure of judging the implication of the bank. The non-banking financial merchant account is considered as a competitor of the commercial banks.

Sometimes, a non-banking financial merchant account cannot be trusted as it may vanish into thin air. One must check properly and should collect as much information before opening a merchant account. Fraudulent cases have also been reported against some non-banking financial institutions

Contact one of our helpful account representatives to assist you in the setup of a high risk merchant account or offshore merchant account for a high risk merchant.