A merchant account is basically an agreement between a merchant bank, retailer, and payment processor. It can allow your business to accept payments by credit and debit cards.

Whenever your customers pay for your product or service with a credit card online, the money should be deposited to the merchant account first. Within seven working days, the funds will be transferred to your business bank account.

In case you want to sell your products online, having at least one merchant account is a must since it will allow you to accept credit card payments on a 24-hour basis.

Obtaining the first merchant account might take some time.…