Free Merchant Accounts

A merchant account is a contract under which an acquiring bank extends a line of credit to a merchant, who wishes to accept payment cardtransactions of a particular card association brand. Without such a contract, one cannot directly accept payments by any of the major credit card brands. When using an intermediary payment service provider (such as PayPal), the merchant account is in fact held by the service provider itself.

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Some providers offer merchant account services priced on an “interchange plus” basis. These accounts are based on the “interchange” tables published by both Visa Visa Interchange and MasterCard MasterCard Interchange. This type of pricing creates a discount rate by adding interchange rates, fees, assessments, markups and other costs.

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Online Merchant Accounts

A Merchant Account has a variety of fees, some periodic, others charged on a per-item or percentage basis. Some fees are set by themerchant account provider, but the majority of the per-item and percentage fees are passed through the merchant account provider to the credit card issuing bank according to a schedule of rates called interchange fees, which are set by Visa and Mastercard.

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LOW COST MERCHANT ACCOUNT

A merchant account provider is typically a separate company from the payment gateway. Some merchant account providers have their own payment gateways but the majority of companies use 3rd party payment gateways. The gateway usually has 2 components: a) the virtual terminal that can allow for a merchant to securely login and key in credit card numbers or b) have the website’s shopping-cart connect to the gateway via an API to allow for real time processing from the merchant’s website.

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