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Introduction to Merchant Accounts




Connecting a web site to the payment processing networks is exceptionally difficult and typically beyond the expertise and technical resources of most online merchants. In cooperation with its merchant banking partners, Boundless will assist your organization in obtaining an international merchant account with the best coverage and on the best terms available. In addition, BPS will assist the merchant in interfacing this new merchant account to it payments system. Here is some information that may help a merchant in understanding the credit card process.

What is a merchant account?

A merchant account enables a business to accept credit cards online or in a retail environment. It allows an organization to accept credit card transactions which are processed and deposited into its bank account. A merchant account is an industry term describing the process when a business contracts with a bank to accept credit card payments on behalf of the company. Establishing an account with a bank allows the merchant to process credit card transactions or electronic payments received from its customers. The bank will deposit the sale proceeds into its bank account, less a small commission called the merchant discount rate (MDR).

How are transactions processed?

Once a merchant has a merchant account it will start accepting credit cards either online or in a retail environment. If the credit card is used on an BPS powered site, the credit card will be first verified to make sure that it belongs to the individual doing the transaction. Once the transaction is submitted, it will go to the acquiring bank that will process it and send it to the card issuer for authorization. If the transaction is authorized and approved by the card issuing bank/processor, the merchant is able to ship the product or perform the service based upon a “promise to pay” from the issuing bank. The funds are settled with 24 to 48 hours after the transaction is completed between the merchant and the customer.

BPS will work with the merchant to locate a bank that will provide the proper credit card services to cover the international markets serviced by the merchant.


When funds are loaded to the e-Wallet, the prepaid cardholder can transfer their funds from the wallet to their card. The load from e-Wallet is identical to the load to a bank account and, once funds settle onto the card, they can be used just as a credit card in most retail and banks globally.

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