Merchant Account

An account that is governed by a legally-binding Merchant Processing Agreement (MPA) that gives a person or business the ability to accept electronic payments for the sale of goods or services, and have funds from sales deposited into a separate direct deposit account (DDA) via ACH.

An account that is set-up through an ISO, acquiring bank, agent, third-party processor, or other merchant service provider that makes it possible to accept credit cards and other types of electronic transactions as a form of payment for products or services, and has funds from sales deposited in to the business checking account.