Merchant Accounts 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.

Local Companies

Merchant Warehouse
866-599-3217
St. Louis, MO
Heartland Payment Systems
(314) 255-4040
2165 Lundy Dr.
Florissant, MO
Loan Machine the
(618) 332-2440
1499 Camp Jackson Rd
East Saint Louis, IL
Mixon Insurance Agency
(618) 874-1300
210 Collinsville Ave
East Saint Louis, IL
Surety Finance Company
(618) 337-9200
1250 Camp Jackson Rd
East Saint Louis, IL
Advance Loan Service Inc
(618) 337-9016
1010 Camp Jackson Rd
East Saint Louis, IL
Security Finance Corporation of Illinois
(618) 332-1506
1276 Camp Jackson Rd
East Saint Louis, IL
Shields Dennis
(630) 579-9980
4 Olympus Dr
Naperville, IL
American General Financial Services
(847) 623-5350
1828 Grand Ave
Waukegan, IL
American General Financial Services
(773) 522-3800
4013 W 26th St
Chicago, IL

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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

Merchant Warehouse

866-599-3217
St. Louis, MO

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