Establishing a Merchant Account
A merchant account is a commercial bank account established by a contractual agreement between your business and a bank. A merchant account enables your business to accept credit card payments from your customers. A NetSuite-enabled merchant account processes credit card payments entered on a secure Internet site into your business bank account. These payments are automatically entered into your NetSuite accounting records.
MerchantE and CyberSource offer merchant accounts with their credit card gateways.
When you apply for a merchant account, you must specify your type of business and the goods and services you sell. You can accept payments for the items and services listed on your approved merchant account application. If your business sells merchandise, you must fulfill a customer's order prior to charging their credit card. Similarly, payments for any services should be accepted only when the service is completely rendered. Other restrictions apply to certain categories of business. Contact your merchant account provider for further details.
We recommend that you carefully read the Merchant Application and the Merchant Account Agreement from the provider you select.
The proceeds from all approved transactions are deposited into your business checking account, per the terms of your merchant account agreement. The time it takes for this to happen typically ranges from 24 to 72 hours after a completed transaction. The proceeds from your credit card sales can be withheld from you for as long as 270 days for reasons stated in your Merchant Account Agreement. Contact your merchant account provider's sales staff for further clarification of all terms and conditions associated with your credit card merchant account.
After you establish a merchant account:
-
Apply for an account with a credit card gateway, if not already set up. See Setting Up a Merchant Account with a Payment Gateway.
-
Add your merchant account as a bank account in NetSuite. See Creating Accounts.