We are living in a world where a variety of goods and services are so many that we cannot imagine. Majority of businesses are now online, and everything is accessible in just a few clicks. However, it must take a lot of effort to manage orders and payment processing. Therefore, merchant accounts are quite in trend these days. They not only facilitate online businesses to manage orders and payments effectively but also cater to a varied range of other benefits. Here is a list of some of them:
- Unlike local banks and domestic account providers, offshore merchant account providers issue credit card processing services
- Usually, there is a monthly transaction limit with a local merchant account. On the contrary, you receive unlimited transaction limit and flexibility at the same time.
- Since online businesses generally fall into a high-risk category and processes are incredibly time-consuming, you require a system that can allow you to relax and focus on your sales projection. It is possible with an offshore merchant account.
Types of merchant accounts
Mostly, categorization of merchant accounts depends on the amount of risk and the methods of selling goods or services. On that basis, some types of merchant accounts are described as under:
- Retail account- As the name suggests, these accounts are suitable for retail business such as departmental or grocery stores where transaction processing uses Point of Sale method.
- Mail or telephone order- It is for consumers who shop right from sitting on their couch in their home. MOTO allows ordering based on phone or email.
- Merchant based on internet/e-commerce account-These accounts is for internet shopping. Majority of people buy products online as it is easy to access and have a broad reach.