When it comes to getting started, Payway is very flexible! We are merchant agnostic and will work with your merchant if you already have one. If you don't have a merchant, we can provide both merchant account services and a payment gateway.
Setting up a Merchant Account
Begin processing credit card and debit card transactions with your customers.
If you’re looking for a payment processing partner that can set you up with a merchant account quickly and easily, we can do that for you. If you already have one, but just need a payment gateway or virtual terminal, no problem.
A merchant account serves as an intermediary between customers’ bank accounts and your business’s bank account as electronic payments, including credit card transactions, are processed. During a sale, the merchant account works behind the scenes to withdraw funds from the customer’s bank and deposit them directly into the business’s checking account. The process works the opposite way during a refund.
Yes, there is an application process.
To get a merchant account, a business must apply and be approved. We will handle that process for you by selecting the payment processor best for your type of business. When you apply, we’ll let you know the type of documentation required and how long the approval process might take. When applying for a merchant account, it’s important to have your financial documents in order to leverage the best possible terms of approval.
Our blog, “Applying for a Merchant Account: What to Expect” gives you an example of the documents that will be needed.
Once a payment processor has set up a merchant account for your business, you can begin conducting credit card and debit card transactions with your customers.