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OpenCart 1.4 Beginner's Guide by Murat Yilmaz

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Merchant account

A merchant account is a special account type which differs from a usual bank account. Its sole purpose is to accept credit card payments. Opening a merchant account requires making a contract with the credit card network providers. Authorized card payments on the store are transferred to the merchant account. Then, as a merchant we can transfer the amount from merchant account to bank account (checking account).

Since opening a merchant account can be a tiresome process for most businesses and individuals, there are various online businesses which can provide this functionality. We will learn about them in the next section.

Note

Curious readers can learn the details of merchant accounts on the following links:

http://en.wikipedia.org/wiki/Merchant_account ...

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