Merchant Accounts Bristol VA

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

Dahlgren Group the
(540) 891-7352
2000 Merrymount Dr
Fredericksburg, VA
Wdc Inc
(703) 847-1901
6849 Old Dominion Dr
Mc Lean, VA
Beneficial Virginia Inc
(757) 428-5800
Virginia Beach, VA
Beneficial Discount Co of Virginia
(757) 488-1700
Portsmouth, VA
Check N Go of Virginia In
(434) 237-8328
7803 Timberlake Rd
Lynchburg, VA
Hoppmann
(703) 753-8888
15395 John Marshall Hwy
Haymarket, VA
Equity One Inc
(804) 273-0120
8906 W Broad St
Richmond, VA
Beneficial Discount Co of Virginia
(757) 420-8455
6531 Auburn Dr
Virginia Beach, VA
Coastal Credit Corp
(757) 340-6000
3852 Virginia Beach Blvd
Virginia Beach, VA
Cardinal Bank - Woodbridge Parkway
(703) 491-6907
14000 Jefferson Davis Hwy
Woodbridge, VA

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Merchant Accounts vs. "Ordinary" Bank Accounts

A merchant account isn't the same as an ordinary bank account even though you can set one up through an ordinary bank. Credit merchant 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.

The Merchant Account Application Process

When your application for a credit card 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 success and risk of the merchant account 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 credit card processing account.

Types Of Credit Card Merchant Accounts

There are two different kinds of merchant card 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 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 and online 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 credit card is charged for the purchase price.

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Featured Local Company

United Processing Company

336-325-7925
281 Forkner
Mt Airy, NC
www.unitedprocessing.net


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