Merchant account

noun

Topic: Payments and security

1. A bank account, held with an acquiring bank or payment provider, that lets a business accept card payments and receives the money before it is paid out to you.
2. Think of it as the holding account between the customer’s card and your business bank account. Some payment providers, such as Stripe and PayPal, bundle one into their service, which makes setting up quick. Others expect you to arrange a merchant account separately, which can take longer and involves fees and sometimes a credit check. Which route suits you depends on your turnover and what you sell.

Example The gateway was ready in a day, but the merchant account took two weeks to be approved.

See also Payment gateway 3D Secure PCI DSS