Merchant Accounts-An Introduction
Merchant Accounts refer to those types of bank accounts that make it possible for a business to acknowledge payments that are made using credit and debit cards. These accounts are usually provided by Merchant Services.
To get a merchant account, a major bank has to grant you merchant status and provide a merchant ID for you. Some of the banks that provide merchant accounts include NatWest, HSBC, Barclays and LloydsTSB. The banks are in charge of authorizing and declining any credit card processing transactions customers make. They will also collect payments and deposit the money into your account. The banks charge a fee for these services.