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Have you ever paid for your plane ticket online? The procedure is simple and convenient: You choose the flight, input your credit card number from which the money will be withdrawn and an email with an electronic ticket will be sent to you. This example describes one way of applying the so-called "Merchant Account”.
"Merchant Account” is a bank account which allows you to receive payments from clients on credit or debit cards for goods or services through the Internet. In this case the money paid by your clients are directly transacted to the account of your company.
The main difference between conventional accounts and the "Merchant Account" is that it goes with a web-based interface that allows customers to pay for goods and services by entering their credit card data and not trough a wire transfer.
Bank or the processing company which processes payments from cards or your company will be assigned a unique identification number that allows you to distinguish your business among millions of others around the world (Merchant Identification or Merchant ID).
With West Union you can open a "Merchant account" in Malta, Cyprus, Germany and Belize. Account for payment by credit cards easily leads to internet-commerce worldwide.
Thus, a merchant account will help you and your customers to simplify the procedure of mutual exchanges that will ensure the prosperity of your business.
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