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Merchant Account
A financial institution or bank account that is used by a merchant specifically for the purpose of collecting credit card payment transactions. A Point of Sale (POS) or Card Present (CP) merchant account is used by merchants that receive payments in a physical location where payment is physically presented to the merchant by the customer at the time of the transaction. An Internet or Card Not Present (CNP) merchant account is used by merchants that receive payments electronically or in situations where payment is not physically presented to the merchant by the consumer at the time of the transaction.

With GiftTool, you will require an Internet Merchant Account.

Internet Merchant Account % fees are significantly more expensive than Point of Sale Merchant Accounts. This is because the entire credit card industry (issuer/interchange/processor) charges higher internet rates if the card is not present, to compensate for the extra cost of internet fraud.


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