Merchant Account East Saint Louis IL

Merchant accounts aren't the same as ordinary bank accounts even though ordinary banks provide them. These accounts allow a business to accept credit cards as payment for goods and services.

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Merchant accounts aren't the same as ordinary bank accounts even though ordinary banks provide them. These accounts allow a business to accept credit cards as payment for goods and services. In a way, merchant accounts act as a contract between the business owner and the bank. Rules defining how products will be bought, sold and paid for are set; any violation of these rules is considered fraud.

When your application for a merchant account is being considered, two entities participate an ISO (Independent Service Organization) and an underwriter. Usually the ISO also serves as the underwriter. The ISO evaluates the future the success and risk of the merchant applicant and approves or denies an account. If the merchant violates the terms of the merchant account agreement, the underwriter/ISO will shut down the account.

There are two different kinds of merchant accounts available, the ”Over-the-counter” (OTC) and the ”money-order/telephone-order” (MOTO). Over-the-counter merchant accounts are used primarily for retail merchants. These types of merchant accounts typically have lower discount rates and transaction fees because the customers’ credit cards are physically present at the point of transaction.

Money order/ telephone order merchant accounts are used primarily for Internet-based businesses. The transaction requires two steps instead of one. Once all of the card information is entered, the data is verified and then the money is subtracted from the cardholder's limit and placed in a 30-day holding account without actually charging the card. After the product is shipped the card is charged for the purchase price.

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Featured Local Company

Centrue Bank

Service. Centered on You!

618-624-7375
303 Fountains Parkway
Fairview Heights, AK
http://www.centrue.com

At Centrue Bank, providing superior individualized service is our commitment to you. We focus on providing highly personalized service, including added flexibility and a high level of responsiveness.

Cash Management Services we offer: Account Analysis, ACH Origination, Online Banking, Repurchase and Public Funds Sweeps, Lockbox, Remote Deposit Capture, Target and Zero Balance Accounts, Wire Transfer, Business Credit and Debit Cards.

Find Centrue Bank online!


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