What is a Merchant Account?

Merchant accounts are a big topic in the world of payment processing and PayHawk has all the answers to your questions about merchant services! In fact, we came up with a few below, then provided the answers to each, just for you. Hopefully, this article acts as a guide and walks you through everything you want to know. So, whether you’re just starting out and looking for your first provider, or you’re ready to switch providers and need some guidance on what to look for, read on!

First – Who is PayHawk?

PayHawk is a leader in the payment processing industry, delivering efficient merchant services solutions to streamline your operations. We leverage cutting-edge technologies that are perfect for any type of business and ensure compliance with all PCI standards so you can focus on running smoothly instead!

The nice part about partnering with PayHawk as your electronic payment processing solution is that we do all the work for you. We communicate directly with the account provider and work to get you the lowest possible rates. Plus, you can get started anytime by answering just a few brief questions about your business.

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So, what is a merchant account?

A merchant account is a commercial bank account that allows businesses to accept credit card and debit card payments. Without a merchant account, businesses are unable to process these types of payments. While most businesses have a merchant account, there are still some that don’t. If you’re one of those businesses, you’re missing out! Merchant accounts are essential for businesses that want to give their customers the option of paying with plastic.

A merchant account for business is unlike a traditional bank account. Think of it more as a business relationship with a Visa/Mastercard acquiring member bank. This bank advances the funds from all of the credit cards that come through your business each day (less any transaction fees). Due to the manner of this financial relationship, there are specialized terms and conditions that go along with it.

What is a merchant deposit?

Merchant accounts typically come with a variety of features, such as the ability to set up recurring billing, accept payments in multiple currencies and provide customer support. It also naturally allows for merchant deposits. “But, what is a merchant deposit,” you ask? A merchant deposit happens when your payment processing system takes the money from all of your credit and debit card transactions and places it into your merchant account.

Will a merchant account cost me money?

Merchant accounts do come with a number of fees, including monthly service charges, transaction fees, and chargeback fees. However, these fees are often offset by the increased sales that businesses see when they are able to accept card payments. Having a merchant account for business is vitally important in today’s digital world. Here at PayHawk, we keep our pricing competitive so you can keep more of your profits.

What is a merchant statement?

A merchant statement is a document that summarizes all the credit card sales a business has processed through its merchant account within a specified period of time. The statement will include the date, type, and amount of each purchase, as well as show any refunds or chargebacks, or any fees charged by the merchant account provider. 

For many businesses, the merchant statement is an essential financial document, as it provides a clear overview of income and expenses. It can be used by businesses to track their sales and customers’ spending habits and to spot fraudulent charges or identify errors in billing. If you’re a business owner, it’s important to review your merchant statement carefully each month to ensure that your transactions are being processed correctly.

What is a merchant processor?

A merchant processor is a company that provides credit card processing services to businesses. In other words, they are the middlemen between businesses and banks. Merchant processors help businesses to accept credit and debit cards, as well as process online payments. They also provide businesses with the necessary equipment, such as point-of-sale terminals and digital wallets. In addition, merchant processors typically offer other value-added services, such as fraud protection and data security. As a result, they play an essential role in helping businesses to operate smoothly and efficiently.

Surprise!! PayHawk is one such merchant processor! We offer a whole list of payment processing services for a wide range of industries including lightning-fast credit card processing, end-to-end encryption for cybersecurity, custom reporting and more.

What is a merchant terminal?

A merchant terminal is a device used by businesses to accept electronic payments. The terminal processes the customer’s payment information and transmits it to the appropriate financial institution for approval. Once the transaction is approved, the funds are transferred from the customer’s account to the merchant’s account. Merchant terminals can be either stand-alone devices or integrated into point-of-sale systems. They typically come equipped with features such as a receipt printer, a magnetic stripe reader, and a keypad for entering PIN numbers. Some terminals also include contactless readers for payments made with NFC-enabled credit cards or mobile devices.

What is PCI compliance and why do I need it?

PCI compliance is short for Payment Card Industry Data Security Standard compliance. In a nutshell, it’s a set of security standards that businesses must follow if they want to accept credit card payments. That might not sound like a big deal, but trust us, it is! After all, credit card fraud is a huge problem, and businesses that don’t follow the PCI DSS could be putting themselves at serious risk. Thankfully, PayHawk stays in the lines on this one so you don’t have to worry.

So what are the PCI DSS standards? Well, there are 12 of them, and they cover everything from building and maintaining a secure network to protecting cardholder data. Adhering to these standards can be a challenge, but it’s absolutely essential if you want to keep your customers’ credit card information safe.

Still not convinced? Just consider the consequences of not being PCI compliant. If you’re caught violating the PCI DSS standards, you could be fined up to $100,000 per month if you’re not in compliance! And that’s just for starters. You could also be subject to legal action from your customers, lose your ability to process credit card payments, and damage your reputation beyond repair. In other words, PCI compliance is not something to be taken lightly! So if you’re not already compliant, now is the time to get started. Your business will be glad you did.

How to get a merchant account?

When you choose PayHawk as your payment processing solution, we set up the merchant account for you. You will need to have a current business banking account and meet certain qualifications, but we do the rest of the work for you. We even handle the processor application – you just need to sign it, agreeing to the terms and conditions. Once approved, we provide you with all the equipment needed to start immediately accepting electronic payments, including a credit card terminal and logins to your PayHawk account.

That’s it! That concludes Merchant Services 101

And that’s all it takes to start processing payments with PayHawk. So, if you’ve been wondering about how to get a merchant account, that’s how you do it. Lean on our support team for anything else you need along the way.

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