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Accepting Online Payments with Internet Merchant Accounts

EBizCharge

An Internet merchant account (IMA) is a type of banking account that allows online businesses to accept credit and debit card payments. It serves as an intermediary between a merchant and a payment processor, facilitating the transfer of funds during online transactions. This integration ensures a seamless and secure transaction flow.

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What is Payment Processing?

Clearly Payments

When a customer initiates a payment, the payment processor verifies the transaction details, such as the cardholder’s information and the availability of funds. Once verified, the processor authorizes the transaction and communicates this approval to both the merchant and the customer. Visa, Mastercard).

Process 59
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Understanding Visa Rules

Payment Savvy

To do so, you will need to establish a merchant account with an acquiring bank or payment processor. Transaction processing: Visa transactions are processed electronically through the Visa network, which securely communicates with your acquiring bank or payment processor to authorize and settle transactions.

Rules 52
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Understanding Payment Processing Terminology Glossary for Merchants

PayHawk

Approval Code A code provided by the payment processor to indicate that a transaction has been approved. BIN Sponsorship A service provided by payment processors that enables merchants to accept payment cards from multiple card issuers. Credit Limit The maximum amount that a cardholder can charge within their credit range.

Process 52
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What is a Temporary Hold on a Credit Card?

EBizCharge

What is a credit card hold? A credit card hold is when a portion of your credit limit is reserved for a potential transaction. Credit card holds are enforced by merchants, payment processors, credit card networks, and card-issuing banks. If this hold is lifted, it will free up your credit limit again.