What is a merchant account ?
A merchant account is a type of bank facility that allows any qualifying business to accept payments, from customers, via their debit or credit cards.
It is a processing facility offered by an acquiring bank, governed by an agreement between the business (or merchant), a merchant bank and payment processor for the settlement of credit card and/or debit card transactions.
Peach payments works with various acquirers to be able to offer online businesses, merchant accounts for card processing, settlement and reconciliation.
Available merchant account options with Peach
- ABSA merchant account
- Nedbank merchant account
- Peach merchant account (ABSA acquiring)
- Multi-currency ABSA merchant account (Planet payments)
- Mauritius merchant account (Mauritius Commercial Bank - MCB acquiring)
Differences between merchant accounts
When choosing a merchant account, the main features to look out for to make sure you have a merchant account solution that works for your business model, are :
- Frequency of settlement
- Stage at which your business (eg. startup, mature business, etc)
- Lead time to get setup
- Payment brands that your customers' can pay with (eg. VISA, MASTERCARD, etc)
Here is a comparison of the two main merchant accounts for local ZAR processing.
Remember that you can still accept payments from foreign cards, with your local ZAR merchant account.
This article gives you more information on our foreign currency merchant account