What is a merchant account?
A merchant account is provided by an acquiring Bank which allows money taken through your card machine to be transferred straight into your business bank account. At MultiPay, we transfer the funds received from your customer to your business bank account next day, which is faster than the average 3 to 4 days. If your business is looking to accept payments with debit and credit cards, a merchant account is essential.
How does it work?
With every card transaction that your business accepts with our card terminals, the payment is authorised by the merchant Bank and the funds are transferred directly into your Bank account.
When the transaction reaches your merchant account, the acquirer contacts different card networks such as Visa, Amex and Mastercard to clear each payment which all happens in just a few seconds.
Do I need a merchant account?
Yes, if your business needs to accept debit and credit cards for payment then you need to set up a merchant account. Merchant accounts provide an extra level of security to your card payments, it checks each transaction and once approved, funds are transferred into your business bank account.
How do I set up a merchant account?
As experts in merchant card processing, MultiPay can arrange the whole process on your behalf. After you complete a simple application form, we then set up your account which we activate for you in conjunction with setting up your card machine. We’ll then dispatch your card terminal straight away. Your card machine is set up prior to dispatch, ensuring it can simply be turned on and ready for use straight away. The funds from purchases made by your customers will automatically be transferred into your business account in full, the next working day.
You will receive a statement at the end of each month detailing all your card sales and refunds. Our card machines are suitable for use in any business. They include countertop, portable and mobile card machines meaning we can provide a solution for any type of business. We work with major merchant banks for card processing on behalf of our customers.
Ways to take payments once you get a merchant account
With a merchant account you can accept card payments in a range of ways:
- Card machine: a terminal that accepts payment at your place of business, our card machines take payments from major card providers, as well as Contactless, Apple Pay, and Android Pay.
- A countertop card machine processes transaction at your sales counter and plugs into your phone line or broadband. Countertop card machines are great for shops and salons.
- A portable card machine can be used up to 100m from the base, so you can go to the customer. Portable card machines are commonly used in cafes and restaurants.
- A mobile card machine can be used anywhere in the UK using a mobile signal, so you can take payments on the go.
- Online payments: A payment gateway enables you to accept online card payments, connecting your website with your merchant account so customers can make purchases quickly and conveniently.
- Virtual Terminals: You can take payments over the phone by entering your customers’ details into a virtual terminal, which acts like an online version of a card machine and connects to your merchant account.
We are able to facilitate a secure, reliable and trustworthy service to our many thousands of customers. At MultiPay, our ethos is that “Service Matters” and as such we only use providers that follow our stringent service standards – ensuring that our customers receive an outstanding level of service at an affordable price that complements their businesses.