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A merchant account is a business bank account that allows companies to accept payments, such as debit and credit card transactions, electronic fundstransfers (EFTs), and Automated Clearing House (ACH) payments. Merchant accounts provide much value for businesses trying to accept payments, but how do they work?
ISOs: Bridging Acquirers and Merchants Independent Sales Organizations (ISOs) or Merchant Service Providers (MSPs) operate as indispensable intermediaries, bridging the gap between acquirers and merchants. You can think of both the ISO and the PayFac as the PaymentGateway stage.
This involves the actual movement of money between financial institutions Reporting and Reconciliation: Payment processors provide merchants with reporting and reconciliation tools, allowing them to track transactions, analyze financial data, and reconcile accounts. appeared first on Credit Card Processing and Merchant Account.
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