It is hard to imagine modern e-commerce without the possibility to pay for goods or services with a bank card. However, to provide customers with such a tool, online entrepreneurs must first open a merchant account. If you have an international business, it is better to open a crypto merchant account with an international payment provider.

A merchant account is a special commercial account to which a merchant can accept payments from various bank cards regardless of the time when the acquiring bank is open. In other words, this is the name of a range of financial services used in business activities, such as accepting payments from bank cards. Even if the customer pays for the purchase in the middle of the night or on a weekend, funds will still be transferred to the merchant account. Another advantage of a merchant account is the possibility to receive payments from different countries, which helps to significantly expand the geography of the business.

A merchant account is actually an intermediate account linked to the company’s main bank account. Initially, the funds received for payment for goods or services are accumulated in the merchant account, and in a few days (usually on the 3rd banking day after the payment is made), they are transferred to the specified bank account. In other words, the seller will be able to dispose of the money received from customers not immediately but after some time.

Depending on the type of business activity and the probability of repayment, merchant accounts are divided into high-risk and low-risk accounts. Opening an account for high-risk payments requires more documents and takes more time. The level of risk for your business is assessed by the bank or another financial institution where you apply for an account.

You also need to know that there are two types of merchant accounts: merchant and online. Merchant accounts are used in regular stores where customers pay for goods via POS terminals with bank cards. Online accounts are used in e-commerce businesses and are an absolutely essential tool for online sellers.

When choosing a platform for opening a merchant account, you should take into account the convenience of working with an acquiring partner, the speed of payment processing, the average rate of successful conversions, support for various payment methods, and the availability of various payment instruments. Consider Cryptomus as we provide access to useful tools for international business.