Why do I need an Internet Merchant Account (IMA)?
Partnered with a payment gateway, an Internet Merchant Account enables you to accept payments for online transactions. Without one, your business can’t process credit card payments online
What is the difference with a Merchant Account?
Online card payments are ‘card(holder)-not-present’ (CNP) transactions.
The level of risk is higher as the retailer cannot physically check the card or the cardholder’s details.
The higher potential for fraud also means that, even though a CNP transaction is authorised by the cardholder’s bank or credit card company, payment to the retailer is not necessarily guaranteed. A fraudulent transaction will lead to the cardholder making a chargeback to reclaim the funds from your account.
How do I get an Internet Merchant Account?
- Through your bank:
If you are already taking payments over the phone or by mail order, it is likely that your bank will look more favourably on your application for an Internet Merchant Account. If this is the case, you will only require a payment gateway from your payment service provider.
- Through an online payment bureau / payment service provider (PSP):
If you are a new business with less than two years of trading history you may run into obstacles in applying for an Internet Merchant Account. But this is no barrier to you trading. You can also obtain an Internet Merchant Account from an online payment bureau such as PayPoint.net. Online payment bureaus process payments on your behalf, providing you with both the payment gateway and Internet Merchant Account facility.
What happens next?
Your Internet Merchant Account is underwritten by PayPoint.net. We have an in-house risk team that assesses your business before submitting your application to our acquiring bank partners on your behalf, speeding up the approval process and ensuring that you get the best possible deal.
We pride ourselves on working with businesses that brick-and-mortar banks won’t touch. We have supported businesses as start-ups that have grown into their sector’s leading brands.
PayPoint.net can provide you with a complete package of online payment solutions designed to help both young businesses new to eCommerce and more established online businesses processing ever increasing numbers of online credit card payments.
Check our complete online payment solutions for more information or contact our experts on 0800 324 7052
