A merchant account is basically a special type of bank account that holds funds from your credit and debit sales. It’s here that your sales go until they are sent to your bank account. Depending on your business model, there are several types of merchant accounts that can help you manage your sales:
- Retail merchant account. This option is best if you operate a storefront where your customers’ cards will be physically swiped at a payment terminal
- Internet account. This option is for ecommerce businesses, allowing you to collect and process card information from your website
- MOTO (mail and telephone order) account. These accounts are for businesses that primarily accept card payments over the phone or through the mail
If you want to accept credit and debit cards, you will either need a merchant account or an aggregator company for online sales. An example of this is PayPal, which processes transactions through its own merchant account on behalf of businesses.
There are several advantages to having your own merchant account:
- NOVA Bancard merchant accounts come complete with a payment gateway
- There is no fee to use your merchant account, unlike aggregator companies
- Faster funding with money deposited automatically into your bank account in 24-48 hours, versus up to 7 days
- Merchant accounts are more cost effective because the transaction fees are lower
- For ecommerce businesses, customers will not need to leave your website to complete the transaction
- Merchant accounts come with greater customer service to help you with any issues you encounter
Become a Customer
Nova Bancard offers Mechant Credit Card Processing for all your payment processing needs. Please complete our application to begin the profitable journey of becoming one of our customers.