The Difference Between Personal and Merchant Accounts
If you have a business chances are you have one or more merchant accounts. If you don’t yet have a merchant account you will want to seriously consider setting one up. A merchant account is what makes it possible for you to accept credit or debit cards as payment for your services or merchandise.
Merchant Accounts And Bank Qualifications
Banks offering merchant accounts sometimes have qualifications that you as a merchant must meet before they will approve add a comment for you and set up a relationship with you. Some qualifications are as follows: you must have been in business for two years or more; you must have a store front that is physical in nature and which deals in retail; you must be within a certain limited geographical area as it relates to the specific bank issuing the merchant account. Banks set up qualifications such as these to reduce risk.
Personal Accounts Are Exactly That… Personal
Personal accounts are not used by you as a merchant for business transactions. Personal accounts are for paying for things such as utilities through e-mail accounts or otherwise. Checking accounts and savings accounts are two examples of personal accounts that an individual might have through their bank.
The terms are self explanatory: personal is for the person alone. Merchant is for a merchant.
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