Merchant Account Owensboro KY

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

Hands-On Computing
(270) 926-3336
2727 Kentronics Dr
Owensboro, KY
Common Technologies Llc
(270) 663-0366
3520 New Hartford Rd
Owensboro, KY
Red Pixel Studios Inc
(270) 685-8355
319 E 2nd St
Owensboro, KY
Prosperity Websites
(859) 276-1733
483 Pasadena Dr
Lexington, KY
Neostreme
(502) 753-0694
4906 Bardstown Rd
Louisville, KY
Red Giant Interactive
(502) 429-9042
10350 Ormsby Park Pl
Louisville, KY
Key Data Inc
(502) 228-7905
12812 Crestmoor Cir
Prospect, KY
Thoroughbred Communications
(502) 357-2600
3221 Ruckriegel Pkwy
Louisville, KY

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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

Digital Solutions of Ky Inc

502-937-6359
5405 W Pages Ln
Louisville, KY
http://www.dsofky.com


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