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DIRECT MODE OF POKER PAYMENT IN MERCHANT ACCOUNT

This is a great facility as well as opportunity given by the bank to the merchant account holders. A merchant has to have a bank account in order to avail the merchant account. The bank provides a merchant account to the merchant who applies for one, only after having a thorough background check. Once all the formalities are done and are correct as well, the merchant account is issued. Huge capital formation is required to start a merchandise business. A merchant also needs to have sufficient bank deposit in his existing account. This capital acts as a guarantor to the banks.

We all know that the merchant account holders accept payments through credit cards. The credit card is electronically verified by the payment gateway systems or the credit card terminals. Certain amount of money is charged for processing of the debit/credit card. Once the card is verified and processed, the money is directly credited to the merchant account holder’s bank account. This is called direct mode of payment in merchant account. The banks also provide some discounts to the merchant for processing more credit cards. This is beneficial to the merchant as well as the bank. The bank receives funds through the processing fees as well as the transaction fees as commission. The merchant, using these services, can promote their business well. An important thing to remember is that, the electronic banking systems as well as the online merchant services appreciates no credit. In other words, a customer cannot purchase goods or products in credit. The amount of the purchase has to be paid directly through the credit card or the debit card. Once the customer’s credit card information is linked with the online merchant’s parameter, then the amount of the transaction is directly transferred from the customer’s bank account to the merchant bank account instantaneously. This is done through the electronic banking system which use internet as a main medium.

Direct mode of payment in merchant account is required in order to prevent any foul play during the transaction. Due to the fraudsters, sometimes, if a customer makes little mistake while making transaction, then it is directly cancelled by the electronic security systems. Only three consecutive attempts are allowed. If a customer fails to enter the correct PIN code for making any transaction through the credit card then the card is blocked by the provider. However, only the customer care or the technical support can help to solve such problems. This makes the dealings and transactions safe. This is mainly some to stop the frauds to make use of the stolen credit cards. The online marketing systems are directly dealt between the customer and the merchant. The distortion of the smooth transaction is reduced by this system. Hence, it results in direct mode of payment in merchant account. Here, only the buyer and the seller are present in such marketplace. The bank takes all the responsibility of verifying the customer’s identity to make direct mode of payment in merchant account possible.

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.