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SOCIAL REPLICA MERCHANT ACCOUNT

A social merchant account is also a bank account which has a very low rate of income. The registration fee for this type of account is also less as compared to the other merchant accounts. This type of account is normally provided to charitable trusts or NGOs which are meant for social services. NGO products also exist in the market and they are cheaper in price. They charge lesser prices only to support the organisation. It is like serving the society but some charges are applicable here.

Donations are the key factor of income for such organisations. People who are very wealthy donate huge sums of money to NGOs and charitable trusts. It cannot be made sure that they always carry money with them. So a social merchant account holder is also provided with electronic banking facilities. A social merchant can also use the internet services to reach the people regarding their products far and wide. A card terminal can be used by a social merchant to receive payments through credit cards. Most of the people use their credit card to make payments for the transactions that they make. There is also a discount rate for the social merchant account holders for processing of credit cards.

There are various NGOs in the world. One of the greatest NGO is the Red Cross Society. This organisation is spread world wide crossing international boundaries. These types of organisations are given the electronic banking facilities and are also provided with a social merchant accounts. A normal merchant account needs a bank statement of two years in order to protect fraudulent cases. A thorough check on the background of the NGO is done by the bank before issuing the merchant with a social merchant account. If an NGO or any charitable trust fails to fulfil the criteria set by the banks to provide a social merchant account then they are directly refused by the banks. Social Merchant accounts have acquired great importance in modern times. It is only with the help of social merchant accounting that one can clearly trace the effects of changes in one section of the economy on its other sections.

In economic terms, in social merchant accounts, we are concerned with the statistical classification of the economic activities so that we are able to understand clearly and easily the operation of social merchant account as a whole. “The term social merchant account is used in a general sense to denote an organised arrangement of all transactions, actual or imputed, in an electronic banking system”. Social merchant account embraces not only the classification of merchandise industry but also the application of the information based on the operation of a merchant account. In social merchant account, a transactor has to keep a set of accounts in which transactions are entered. Incomes and outgoings related to a productive activity of the merchant are bought together. This shows the assets and the liabilities of the merchant concerned in the beginning and at the end of the accounting period. The transaction records form the units in a system of social merchant accounts. 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.