Merchant accounts are types of bank accounts that accept both credit and debit card transactions. Whether you are a grocery shop or an Internet merchant, having a merchant account can provide benefits such as customer convenience and therefore increased sales.
For example…
Jane and Jack have opened up a new pizza shop. They decide to open a merchant account with Westpac as they realise that their customers would appreciate and expect the flexibility. Having both credit and debit card options opens up a whole host of payment channels including Apple Pay and mWallet. This in turn will help retain and attract customers due to the convenience offered, which means improved business and ultimately, cash flow for Jack and Jane.
