Merchant accounts are a key aspect of most merchant business operations. Online payment merchants have many choices when choosing a merchant account service provider, and transaction costs are the key component of their decision-making. Online payment merchant accounts are provided by the online merchant banking, and the online merchant banking cooperates with the online payment merchant to promote electronic payments. However, for online businesses, establishing merchant account partnerships with online merchant banking is part of their business operations, because electronic payment is the only option for customers to make purchases.
What is merchant account?
A merchant account is a bank account set up specifically for business purposes. It allows online payment merchants to accept and process electronic payment card transactions, in which companies can make and accept payments. Merchant account services usually charge additional fees, but also provide a range of services that require online payment merchants to cooperate with online merchant banking, which facilitate all communications in electronic payment transactions.
Online payment merchant accounts are essential for online business. These account relationships involve additional costs, and some entities may choose not to pay by accepting only cash deposits in standard commercial deposit accounts. An online payment merchant account is a type of commercial bank account and is a key aspect of most merchant business operations. Merchants have many choices when choosing an online merchant banking, and the online merchant banking cooperates with the online payment merchants to promote electronic payments.
The differences between online merchants and offline merchants
In our daily consumption, more and more people prefer to pay by credit card. In the changing times, the scene of credit card payment has gradually changed from the original POS machine consumption to mobile and online payment. There are also differences between offline and online merchants. Let’s take a closer look.
The first is that the payment scenarios of online merchants and offline merchants are different. Traditional offline merchants need to have their own business premises, and users need to use POS to swipe their cards for transactions. Online payment merchants conduct transactions through online payment. Common transaction channels include Alipay, WeChat Pay, etc. Users can complete transactions without leaving their homes. Because of the easy operation, online payment merchants have also been favored by more and more people. For merchants, the expense of business premises is eliminated, and the investment pressure also reduces a lot.
Secondly, offline merchant transactions may have the problem of POS machine code skipping, which does not exist online. Code skipping is that the type of user consumption merchant is inconsistent with the merchant type of the actual transaction channel. For example, the user consumption type is standard, and the consumption type of the actual payment channel is preferential or charity type, which is code skipping.
Online merchant transactions are online payment merchants, and there will be no code skipping at the transaction location. In addition, although online transaction channels also have a distinction between high and low rates, there is no such thing as merchant category skipping codes. The rate of online payment merchants is generally lower than offline merchants. Therefore, for users, choosing online merchants for transactions is safer.
Online payment service provider – Oceanpayment
Oceanpayment specializes in setting up online payment for merchants. It has long provided product and operational support payment security services for global merchants as a gateway. It has the highest level of security certification in the global financial industry, which is PCI DSS LEVEL 1. Online merchant banking can be time-consuming, join us now for a new solution in payment. Oceanpayment has created a scene-oriented global digital payment solution, meets the needs of the development trend of the industry chain and allows each link to be better coordinated.
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