0
An instant merchant account is a kind of bank account that is used to manage credit cards for a business. Usually, there is a time period that must elapse between an application for such an account being approved and when credit cards can be processed for the business. However, this is not the case for an instant merchant account.
With an instant merchant account, a person can start using the account directly after being approved for the merchant account. There is no waiting period. This idea of being able to obtain credit card processing almost instantly may seem attractive to many business owners. Unfortunately, this process doesnt actually occur instantly.
The reason why obtaining an instant merchant account isnt actually instant is because the financial institution offering the service must first verify a large amount of information regarding the applicant before allowing that client access to the account. The account provider, for example, will have to do research to discover if the information regarding the potential clients identity is truthful.
The applicants credit will also be checked and be a big determinant in whether or not the account will be approved. In fact, even references may be required by certain lenders. These references will often be contacted. Lots of paperwork will also have be filled out and possibly mailed or faxed. This entire process can take days to complete. For this reason, instant merchant accounts are not really instant.
However, some instant merchant accounts may be able to be obtained quicker than others. Some companies may advertise quick approval for their instant merchant accounts. For example, a company may advertise that they can finish looking over a potential clients application for an instant merchant account in only 12 hours. If that applicant finishes the paperwork properly in time, that client can have rather quick access to the credit card processing the account offers.
In other cases, a client may be able to have credit cards processed quickly through a third party credit card processor. However, this is not the same thing as securing an actual instant merchant account. There may also be a delay in the third party approving the credit card processing as well.
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
What does instant merchant account mean exactly?
An instant merchant account is a specific type of account used by various businesses to carry out transactions or payments made by credit and debit cards.
are instant merchant account worth having?
It depends heavily on the nature of your business. In general, if speed is a priority it might easily be worth it.
What is retail merchant account?
a retail merchant account is defined as such that accepts payments for your retail business, other names are ecommerce merchant account and tangible goods merchant account.
Benefits of Utilizing an Instant Merchant Account System?
Whether you are operating an online retail shop or you are offering services to individuals within your community, having an instant merchant account can be beneficial to your business. In todays economy, few people carry cash with them to pay for their purchases or services. Most people opt for using credit or debit cards that are issued to them. Instant merchant accounts provide you with the ability to accept credit card and debit card payments from you customers. Many instant merchant accounts are easy to set up and manage right from your home computer. With the services of some merchant accounts, you will receive notification of when payments are sent to you from customers and given the option to print out shipping labels and invoices right through your account.Business owners and service providers that have an instant merchant account will find that their customer volume may actually increase for their company. This is because many customers feel that their money is safe when transferred through this type of financial handling system. They are provided guarantees that are not available with cash or check transactions. These services are also safer for the business owner when it comes to ensuring that payments are fast and traceable.Consumer Benefits Offered with the Services of an Instant Merchant AccountWhen dealing with a business that offers you the benefit of utilizing an instant merchant account system will provide you with the ability to pay for your products or services with a major credit or debit card. You will have the satisfaction of knowing payments are not lost in the mail and there will be a receipt for the money that you send. Instant Merchant Account systems use encrypting software to protect personal data and information sent through their system. This helps to create a safe financial transaction for you.Unfortunately, there are occasionally problems with the products and services that you receive from companies. With transactions being processed through an instant merchant account system, you will have evidence of the money transactions in which you paid the business. Courts throughout the United States can use this information to come to a fair and just determination for your claim.
How do you get merchant account?
You request to open an account with the merchant. For instance, I recently opened an account with a local coal merchant. I pay the merchant's invoice promptly after each delivery of coal.
What kind of an account is a merchant account?
A merchant account is an bank account used for transferring money, involving business transactions. For example, a merchant account can be linked with Paypal, which can be used on eBay for business.
Does Ibc Bank have a merchant account?
What do You Mean? If they Offer Merchant account or if they use a merchant account. Yes, they offer different merchant accounts, they are based on what the merchant needs. All accounts offer different services for different needs.
What is the purpose of an offshore merchant account?
"An offshore merchant account is an account that allows the owner to accept credit card payments through a bank not located in the merchant's country. Generally, a merchant would start and offshore account to reduce their tax liability."
Where can somebody view merchant account reviews?
Slide Share is one place one can view merchant account reviews. Card Payment Options also has reviews for merchant account reviews. Merchant Maverick is yet another place one may go to read merchant account reviews.
What is the purpose of an online merchant account?
The purpose of an online merchant account is to sell things online. Online merchants need a merchant account or internet merchant account in order to accept payments. Merchant accounts are supplied to online traders by banks and payment service providers like PayPal and, in the UK, Nochex.com.
How does one set up a merchant account for a small business?
This site will help you with a step-by-step process on how to set up a merchant account for a small business: http://www.active-venture.com/merchant-account/smallbiz-merchant-account.htm.
Can I obtain a merchant account with bad credit?
Merchant accounts typicaly require a credit check. Google Checkout is available without a merchant account.
