Merchant Account Basics
Do you need help navigating the e-commerce environment at WSU? Then you have come to the right place. Merchant Account Basics will help you through the process of setting up and maintaining a merchant account. Before you get started, please click here to determine if your service or activity qualifies for a merchant account.
You probably already know that having a merchant account is essential if your department intends to participate in e-Commerce. But what is a merchant account and how do you get one?
A merchant account:
· Is a type of bank account that allows a business to accept payments by debit or credit cards;
· Is established under an agreement between a merchant and a merchant acquiring bank for the settlement of credit card and/or debit card transactions;
· By way of the merchant agreement, binds the merchant to obey the operating regulations established by the card brands;
· Is generally obtained by WSU’s Treasury & eCommerce Services unit through Bank of America and is subject to the Master Agreement between the University and Bank of America Merchant Services.
You get a merchant account by reading through the information contained in Merchant Account Basics:
· Step 1 - Familiarize yourself with the rules of the credit card operating environment;
· Step 2 – Learn about card processing mechanics and the fee structure;
· Step 3 - Determine which merchant type you are and the resources you will need;
· Step 4 – Understand the application process;
· Step 5 – Comply with Payment Card Industry Data Security Standards (PCI-DSS) and WSU's PCI Compliance program.