Point of Sale (POS) Glossary
A merchant account is a payment processing service that a business uses in the electronic payment transaction process. These accounts facilitate accepting credit cards, debit cards, and other types of electronic payments that are presented at a point of sale terminal in a store.
When a customer’s transaction is processed at the POS, the merchant account acts as a middle man to negotiate the transfer of money from a customer’s account to a business bank account. Services such as Paypal act as both a merchant account and bank account and are not merchant accounts.
In order to accept electronic payment transactions, a business will usually need a gateway that does the initial authorization of a transfer. This information is later sent to the merchant account (sometimes known as a credit card processor) that settles the transactions. If the transaction is confirmed, the money is sent to the merchant’s bank account.
It was great meeting all Adobe Magento industry professionals that attended Magento Meet Florida. The event was planned perfectly from sessions to solutions.
This year we decided to attend Meet Magento in Miami, FL from Feb 15th-16th, 2023. It's a great opportunity for us to visit with some of our existing customers, and future partners.