Understand
What is a merchant account?
A merchant account is an account that lets a business accept card and online payments. Customer card payments arrive there after authorisation and clearing, and the balance is then settled — usually daily or weekly — to your ordinary business bank account.
How it differs from a business bank account
A business bank account holds your money for you to spend. A merchant account is a processing account: it exists so an acquirer can receive card-scheme funds on your behalf, net off fees, manage refunds and chargebacks, and settle you the remainder. You don’t bank from it — money flows through it.
That is also why underwriting exists: the acquirer providing your merchant account is fronting the risk that your customers charge payments back after you have been paid.
Getting one — including when banks say no
For most retail businesses, a merchant account is a formality. For sectors acquirers classify as higher-risk — gaming, travel, subscriptions, CBD, adult — mainstream providers often decline by category. Specialist underwriting assesses the actual business instead: licences, history, chargeback profile, compliance controls.
Expect to provide corporate documents, processing history if you have it, and honest detail about your model. Underwriting rewards candour: surprises found later are what close accounts.
Put it to work
Prefer a straight answer about your own case?
Tell us your sector and what you’re trying to set up — a specialist responds, typically within one business day.