Credit Card Merchant Accounts - What are they?
Merchant accounts are a special type of bank account that allows retailers to accept credit and debit card payments from card holders. This is different from a business account.
The banks operate in this way because the use of a credit card provides additional consumer protection for the card holder. This additional consumer protection is underwritten by the provider of the credit card account. Since this is a very specialist area of the market there are only seven banks in the UK able to provide credit card merchant accounts. Before any of these banks issue a retailer with an account they will conduct a full credit and risk assessment of their business to ensure they are able to underwrite any guarantees they provide or deposits taken from card holders.
Adelante work with a number of merchant account providers and ensure that our customers are offered the best possible transaction rates based on the profile of their business.