Types of Merchant Accounts
Merchant accounts allow you the facility of transactions without actually paying or receiving in hard cash. These are applicable in supermarkets, bars, restaurants and firms. Different types of merchant accounts have different rules to follow and different application charge.
Retail merchant account cost you the least application charge. It is the use of your debit or credit card wherein you pay the shop through your bank by swiping your card. This is pretty common and there are restrictions on its paying limit.
MOTO merchant account is mail order telephone order. This is advance payment through banks to the company you are seeking services from. Since these businesses are mostly doe on phone or through letters, this merchant account comes in handy. It charges more than retail account but there are lesser restrictions.
Internet Merchant Account has been invented to help online cart shopping. Payment is done through these merchant accounts by using a virtual terminal.
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