What is a Merchant Account Rates, Pricing, Terminals and how it works

#merchantacount #paymentprocessing #whatisamerchantaccount
What is a merchant account? In today’s video we’ll discuss the details of a merchant account and go into depth on merchant account pricing, merchant account equipment and provide references to helpful resources.

@1:25 What is a merchant account
@2:46 Credit Card Terminals
@4:11 Merchant Account Rates - 2 main rate categories
@7:41 Underwriting and Account Approval
@8:40 Faq’s and common questions about merchant accounts
@10:48 How to pick the best merchant account for your business

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►Video reference #1 - Paypal, Stripe Square vs. Merchant Account :
   • Paypal, Stripe, Square vs  Merchant A...  

►Video reference #2 - Merchant Account Pricing (rates and fees):
   • Merchant Account Rates & Pricing - In...  

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   • What is a Merchant Account   Rates, P...  

Transcript:
What is a merchant account and how does it work?
Let’s talk about that today and in addition to that title content, we’ll talk about the following:
Credit card terminals Point of sale equipment and software available to you,
the 2 most popular (general) credit card rate categories that apply,
underwriting approval and account setup
guidelines tips and important things to remember when applying,
Frequently asked questions
And toward the end, I’ll tell you how to go about figuring out the best merchant account option for your business.

Put a channel notice countdown bar on this section
So as we get started, this video is time stamped for your reference.
All of the information is important and pertinent to setting up and maintaining a merchant account so please do watch the entire video and at the same time I always try to make my videos easy to navigate so for some of my videos on this channel, I’m going to link the time stamps for the various sections of the video, in the description.
So if you wanted to skip to a certain section, you can just pop the description box open and click the section link. And if you use these time stamps to navigate the video, let me know if that is a helpful thing to do in the comments below.

Now, on with the lesson.

What is a merchant account?
Let’s start with a simple definition: A merchant account is a specialized bank account that exists for the sole purpose of allowing a business to accept electronic payments through the use of credit cards and debit cards, from their customers. .
The term merchant account is often used interchangeably with terms like: “credit card processing account” or “merchant processing,” “payment processing” or “payment service provider” OR “payment aggregator” and I’ve even heard people refer to it simply as a “Merchant”… and speaking of that,

A payment aggregator account is different than a true merchant account.!
We’re going to stay focused on the merchant account in todays video so if you’re interested in comparing the aggregator companies like PayPal, Stripe and Square to merchant account providers, click the link in the description (or the card on the screen) for that detailed comparison video after you’re done watching this one.