It is necessary to enable an online payment acceptance facility to carry out the online business. And for this, you would need to get a merchant account.
These days getting a merchant account is easy, fast, and easy on the pocket. It makes the whole online payment processing secure, systematic, and reliable.
Meaning of the Merchant Account
The merchant accounts facilitate the routing of the online card payments from the issuing bank to the acquiring bank and finally to the merchant’s bank account.
The merchant account could be obtained directly through the bank or the payment gateway service provider (payment aggregator).
Getting a merchant account with the bank could be expensive, with limited payment options and a lengthy registration process. There are various third-party payment gateways providing merchant account services.
PayKun merchant account is easy to get, secure and affordable. Its tie-ups with the reputed banks and financial institutions enable smooth payment processing.
Benefits to get a payment gateway merchant account
Below are some of the advantages of creating a merchant account with the PayKun payment gateway.
- Very much affordable with the lowest transaction discount rate
- No other charges or fees
- Safe and secure with the highest security compliances
- Fast onboarding with the easy registration process
- Easy to integrate with the website or mobile application
- Can be used without a website or application
- International payment processing
- Merchant dashboard tool for analytics, records, reports, and other functions
Working of a merchant account
There is a lot of background work in online payment processing in which the merchant account plays an important role.
- The customer enters the details as per the payment method selected for example the card details for the Card payment.
- This data is transferred to the issuing bank and card networks via the payment gateway
- The payment is authorized and the response is transmitted to the acquiring bank.
- The customer receives the response. The funds are received in the merchant account.
- As per the settlement cycle, the payment will be settled in the bank account of the merchant.
Thus, you must have a merchant account with a reliable payment gateway to carry out a smooth transaction.
Getting a merchant account for your business
As mentioned earlier, it has become very easy to get a merchant account in today’s time. However, choosing the right merchant account service provider is important. Here are the important steps in getting a merchant account.
- Choose the merchant service provider
You need to consider some basic points related to your business when selecting a merchant account for your business transactions.
- Domestic and international payment processing
- Security compliances, trustworthiness, reputation, and reliability of the payment gateway
- Fraud prevention measures and dispute resolution methods
- Currency and country support of the area in which you would like to transact
- Pricing plans and the available payment methods
- Other fees such as set up fees, maintenance, integration fees, etc
- Customer services, onboarding process, settlement cycle, and transaction monitoring tool.
- Bank Account
You need to have a bank account in which you can accept online payments for your business. As per your business type you can have a current account or the savings account.
Basic details and documents are required for the KYC and the verification process. The documentation requirements would be based on the business model, which can be discussed with the onboarding team.
- Website/mobile app requirements
The website must have a secure connection. The products listed must be at appropriate prices and with proper descriptions. Other business-specific requirements can be discussed with the onboarding team.
You can sign up with the basic details and access the test mode of the payment gateway. After satisfaction, you may submit the other details and documents for verification to get a merchant account. Post successful verification merchant account will be approved.
PayKun Merchant Account
PayKun is PCI DSS compliant providing 120+ payment method options. It has the lowest transaction rate and zero other charges.
The ready integration kits and technical documentation makes the integration effortless. It assigns a dedicated account manager to each activated merchant account and has excellent customer support.