Why do I need a Merchant Account?
A Merchant Account is a bank account for online businesses.
If you are looking to open an online store you will need to go visit your bank and request to open a Merchant Account. This bank account is where money will be deposited after each transaction takes place in your online store. Merchant Accounts generally have a transaction fee associated with them. Anywhere between 1.5% and 3.5% is a good rate. Your Merchant Account then needs to be integrated with your Payment Gateway.
MONEY SAVING TIP: Ask your banker about preferred Payment Gateways when inquiring about your Merchant Account. Some banks can bundle the Payment Gateway service with your Merchant Account and consolidate service fees to save you money. Instead of paying 3% for Payment Gateway + 3% for Merchant Account, they may be able to charge you only HALF when you use one of their preferred partners.
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