Re: What’s the role of a merchant account? How does this differ from a business bank account?
"While both the merchant account and business bank account are associated with the settlement of funds to the merchant, they each serve different purposes.
A merchant account is a specific bank account that allows merchants to accept and process electronic payments from customers quickly and securely. During the settlement process, the acquirer moves funds from the merchant account to the business bank account.
A business bank account, on the other hand, is what merchants use for everyday expenditures. This is where funds are deposited after settlement takes place. Depending on the agreement with your payment service provider, the acquirer will transfer funds from your merchant account into your business bank account either periodically in bulk or as individual payments.
The important thing to note is that businesses must have a merchant account set up by an acquirer in order to process transactions online, using a payment gateway."
Re: What’s the role of a merchant account? How does this differ from a business bank account?
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