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Merchant Account Illinois

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.

Local Companies

Facet Technologies
(309) 688-4727
7310 N University St
Peoria, IL
O Ic Group Inc
(309) 680-5600
100 State St
Peoria, IL
One Hat Design
(309) 685-4662
810 W Meadows Pl
Peoria, IL
Spyderhost.Net
(309) 682-4678
2415 N University St
Peoria, IL
Mercantec, Inc.
262-853-3318
900 E. Diehl Road
Naperville, IL
Infogenic Systems
(309) 682-0100
2901 N Prospect Rd
Peoria, IL
Ron Wallace Enterprises Inc
(309) 685-4843
1024 W Willcox Ave
Peoria, IL
Hult Fritz Matuszak
(309) 673-8191
401 Sw Water St Ste 601
Peoria, IL
Stellar Systems Inc
(309) 677-7350
222 Ne Monroe St Ste 902
Peoria, IL
Truepresence
(309) 208-2345
10820 N Trails Edge Dr
Peoria, IL
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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

Facet Technologies

(309) 688-4727
7310 N University St
Peoria, IL
http://www.facettech.com
Read more about Merchant Account

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