A merchant is an integral part of the payment processing cycle. Merchant simply signifies the business owners who hire payment processing services to facilitate a method of processing monetary transactions. Merchant account services, like a bank etc. provide merchants with an account through which they can accept payments via credit/debit cards, e-wallets and a number of other modes of electronic payment.
Merchant accounts are essential for a business to accept online payments. These accounts are specifically used for conducting business related transactions and are provided by merchant acquiring banks to business owners.
What are virtual merchant accounts?
Virtual merchant accounts are those accounts which serve virtual merchants (online storefronts). These merchants can accept payments from anywhere. Virtual terminals, ecommerce websites, credit card terminals, point of sale (POS) terminals and mobile apps are all examples of virtual merchants.
A single virtual merchant account provides the merchants with the capability to accept payments from any of the above methods. Mostly these methods include virtual terminals where-in everything is done online without the need for physical presence. Merchants also have the option to receive payments via phone, mobile app or an email. All these payment methods combine with one merchant account.
Some virtual merchant services offer free virtual terminals and mobile apps for receiving payments. Virtual payment solutions provide speed, efficiency and security to payment processing.
Benefits of virtual merchant accounts:
Virtual merchant account has the power to transform your ordinary website into a storefront. It can provide several other benefits to your business:
1. Seamless integration with existing websites.
2. Provides an enriching sales experience.
3. Allows customers to purchase from anywhere in the world.
4. Better & improved customer service.
5. Reduction in time taken for maintenance
6. Straightforward online ordering mechanism.
7. No need to pay for hardware upfront.
8. Simple process with efficient authorizations.
Virtual payment systems are integrated with high security parameters and various gates for authorization checks. Moreover, they follow all security compliances to ensure safety of customer data. Being a virtual merchant is easy, all you need is an online storefront. With a merchant account you can begin processing payments received by virtual methods. An e-store or a catalog showcasing your products is necessary for being a virtual merchant. You can either create a new website, add a store page to an existing one or direct your customers to other platforms like Facebook where you have set up your store.