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Is a Merchant Account the same as a Business Account?

11 Mar 2022 By PAYCEC

A merchant account is a type of business bank account that allows a company to accept and process credit card transactions electronically. A merchant account necessitates a partnership with a merchant acquiring bank, which handles all communications related to an electronic payment transaction.

While a business account is simply a banking account opened for companies to make transfers or receive money from other accounts via domestic fund transfers or wire transfers, not acquire credit or debit card payments.

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