Introduction
If you have any requirement to permit credit card payments from the clients online, then one of the best options that you have is to set a merchant account, which is of e-commerce. It is the only best solution that you have for serious businesses which are wanting to develop credibility and get the best prices for online payments. You can also look further for more details on, ecommerce merchant account & broaden your horizons on the same. It is also equally important for people to know first, about what is e-commerce and how to choose one and further. A merchant account, which is e-commerce in nature is a specialized bank account which allows you to accept and also, handle credit card transactions virtually through the users. If you a user (client/customer) does a purchase on your website, then the payment is transferred from their bank account, via a protected payment gateways into your accounts which is merchant account.
Unique Merchant ID
Next, you will know is that all the funds which are agreed or approved ones, they are collected in your merchant account until your change or transfer it to your main business bank account. The process for such transfer is around one to two days on an average. Besides all of that, your merchant account is protected by a Unique merchant ID that will identify you as the rightful and legit receiver of the funds or money. For the businesses that comprises of many payments system or terminals, different merchant IDs shall be handled under the similar merchant account. Apart from all of that, a merchant account is mostly provided to online seller as a portion of large merchant service package. Besides that, depending on the provider it may comprise of the following – an integrated payment gateway, a virtual terminal (for manual payment processing), a physical point-of-sale system and/or card readers (for brick-and-mortar businesses), fraud and chargeback mitigation tools, a merchant dashboard for monitoring and analysing your credit and debit card transactions & ongoing customer support.
Beginning an E-Commerce Merchant Account
The first and the foremost you will need is an e-commerce website. And, for this you will need a web hosting, then you will need your own website domain, and the most important of all a shopping cart platform like Zen Cart, Shopify, WooCommerce. Your merchant account provider will have to give you a custom API including other coded integration to put in your source code, so this will ensure you that the store is completely designed and also, ready to get clients before you create a merchant account. The next thing that is needed is an SSL certificate. So, make sure that you buy secure socket layers (SSL) certificate for your website as it is important. Also, it is needed for PCI compliance and is absolutely crucial, especially if your website is transferring sensitive credit card information. Moreover, why SSL is important because it encrypts data to prevent infringement from 3rd parties.
