Is a merchant account the same as a business bank account?

A merchant account is set up so that as a seller you can accept money from customers. This is different from a business bank account, which acts as a typical bank account in that you are able to pay debts, write checks, and transfer money more broadly. 

Who are the best high-risk merchant account providers?

According to Merchant Maverick, high risk merchant account providers, or those who accept customers who are at high risk of chargebacks among other things, include Payment Cloud, National Processing, Durango Merchant Services, Host Merchant Services, and Soar Payments. 

How do you get a merchant account with bad credit?

Credit is not the only factor that goes into opening a merchant account, you will primarily need to establish a legitimate business with proper documentation to first qualify. From there opening a merchant account is a matter of finding a provider who will accept the parameters of your business and applying. 

Can I accept payments online without a merchant account?

Yes, you can utilize a payment facilitator (Payfac) which acts as a master merchant account allowing users of the service to accept payment forms on their behalf. If you utilize Payfac, you will not need a merchant account to accept credit cards. 

About the Author

Kal Salem

Kal Salem

MA Accounting - Arizona State University

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. Kal started his career in public accounting supporting SEC, regulatory, and both internal and external audits. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA...

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