A merchant account is basically a bank account with the help of which merchants are able to accept multiple payments like credit card payments, debit card payments, online payments etc.With the help of merchant account, merchants have the ability to receive the payments in multi-currency.
For example, if you own a website based in India and customer in the US purchased some product online from your website and make payment in dollars. So, it is due to merchant account you will receive payment in INR and you can accept multi-currency payments. Therefore, your e-commerce business will grow globally with the merchant account.
A business always benefits from having multiple merchant accounts. You can get the merchant account with any payment service provider who has secure merchant account facilities. They have the agreement with the banks and credit card companies worldwide.
Moreover, they have discounted price and provide the account facility at very low price as compared to banks and other companies. The payment service provider can manage the risk of processing the credit card payments and prevent them from frauds. They allow you to sell the products and services at the affordable price by charging less. Now e-commerce business can easily accept credit card payments with no risk.
Benefits from having Multiple Merchant accounts
Accept multiple payments from a single window. Majority of people does online/ offline shopping and make payment via credit card or debit card. Customer tends to spend more when he/ she use the credit card. Nowadays, 80% of start-up or existing businesses are accepting the credit card payments.
Multiple merchant accounts increase the security.Majority of the merchant account service providers are now having a PCI-DSS certification.They have the tools to check fraud and keep track of the payments. So, the customer feels secured if he/she is using your website which has the reliable and secure merchant account. Business is benefited by meeting high-security standards.
Businesses have the ability to process transactions in end number of currencies. Merchant account has the multilingual and multi-currency features. The international customer experiences the easy payment process. With this, the chances are more to get the repeated sales. The merchant account service providers have the inbuilt feature of multiple currencies which facilitates the easy and secure multiple currency payments.
It is very easy to manage the cash flow as merchant account not only facilitate the payments but also record them. You can generate the sales reports, transaction report, failure transaction report etc from time to time.
This makes the better management of the money. You can easily generate profit and sales report and gather more relevant information for better decision-making. You can easily maintain financial report of your company.
This way businesses are benefited and growing their online presence. With the multiple merchant accounts, you can save money and efforts. You get an online interface to manage the transactions.