You
might have come across terms like online merchant services or online merchant
accounts. These are a set of important services for online businesses. Online
retailing is a form of e-commerce which facilitates direct purchases of the
goods from the seller from over the internet. It may be a B2B (Business to
Business) or a B2C (Business to Consumer) transaction. You might have noticed
that online prices are less as compared to the market prices for a same
product. This is because the intermediaries are eliminated from the chain.
A merchant
account is a type of an arrangement between the business and a bank or affiliated
company which allows business organizations to accept online payment from the
customers, viz. payments made by debit or credit cards trough a secure gateway.
It
is necessary for a business organization to carry out a detailed merchant account comparison offered by various service providers on the basis of rates, authorization and
charge-back fees charged by each one of them, reliability, security and reviews,
before choosing a pick.
Merchant
service providers may levy higher monthly fees and charges for high riskmerchant accounts. High risk accounts is a type of account designed for
e-commerce organizations involved in high-risk category businesses like gambling, online dating, sales
of computer hardware or software, etc.
The
evolution of online merchant services is a boon for the business organizations,
banks as well as the customers. This platform has contributed to the progress
of e-commerce. Consumers have a wider choice of products at competitive prices,
online retailers get business and banks earn fees. So it’s a three way triumph!
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