Merchant Account Providers give businesses the ability to accept debit and credit cards in payment for goods and services.
Credit cards have become the preferred method of payment in today's market, making a merchant account essential for most businesses.
Historically, credit card processing services were supplied by banks that were members of the Visa or MasterCard networks.
[1] Typically banks both issued credit cards and helped merchants process them, but over time the industry consolidated.
This cash is debited from their account via the EFTPOS (Electronic Funds Transfer at Point of Sale) terminal.