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- Merchant Account
- A merchant account is an account that is setup with a bank in order to process credit card transactions. A merchant account is linked to a bank account, typically a business checking account, to which merchant funds are deposited or withdrawn. When a merchant makes a sale and puts the transaction through their merchant account, the funds from the transaction are directly deposited into the attached bank account. When a merchant processes a return or refund transaction, the funds are directly withdrawn from the attached bank account. Merchant transactions typically do not post to a merchant account as they occur. They are usually posted in a batch at some point during the day when the merchant settlement process is performed. Sometimes the settlement process must be manually initiated and other times it occurs at a set time of day. When using a Payment Gateway, this is usually dependent upon the particular gateway.
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