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What is merchant account processing?
Merchant account processing refers to a special bank account that is set up to handle the incoming funds from credit card transactions. Credit card transactions are processed using a credit card reader (it should be noted that if a credit card reader can't read a credit card, its numbers can be manually typed in), and the money is transferred from the credit card to the merchant's bank account, using merchant account processing. You will find merchant account processing in use anywhere credit cards or debit cards are accepted. Merchant account processing can be used to process credit card payments in person, over the phone, through the mail and online.
How do I sign up for merchant account processing?
You can sign up for merchant account processing online, over the phone, via a faxed in application, through the mail, or even in person. Each application method has its own advantages and disadvantages, but the end result is the same: an approval or denial for a merchant account. Processing time for being approved (or denied) for merchant account processing is seven to ten business days. However, if you apply online or over the phone, you may be able to get your application approved sooner. You'll need to check with your individual merchant account provider to find out when you can expect to hear back on the status of your application.
