Before you can initiate accepting credit card payments for your small business. Then you will require an online merchant account. Basically, this is just an account that tentatively carries accounts from your online payments. Even after they will get approval and processed. And before they expending to your standard business bank account. But how does an online merchant account in Europe (U.K, Netherlands, Russia, Malta, Belarus, etc) function?
In this blog, we’ll describe what is a merchant account, how it functions, what are the benefits, and why you will need to get one. We’ll also provide you with some beneficial suggestions on how to select the best merchant account provider for your specific business.
What Is An Online Merchant Account?
A merchant account is just a bank account where money from your processed credit and debit card payments are stored. Until they can be transmitted to your standard business bank account. Contrary to most other accounts, you won’t have immediate access to any accounts being kept in your merchant account.
Rather, your merchant account provider will automatically transmit these funds from your merchant account to your standard bank account when the transactions have been completely lleviated. This procedure generally carries 3-5 business days. However, most payment providers now deliver next-day or may same-day allowance (usually for an extra cost).
Source - https://webpays.com/online-merchant-account.html