Now that you have your online store you need the ability to charge your customers for the goods they purchase. While it is possible to have customers send you a check or money order, at which time you would release their goods, the more traditional method of online commerce involves setting up some type of merchant account which processes customer's credit cards and then puts the money in your bank account. What is a merchant account you ask? A merchant account is any company (often a bank or other financial institution) who processes credit cards on behalf of a merchant (you). Most of the large American banks such as Bank of America, Chase, etc. have merchant services while other companies specialize in merchant services and don't have other banking facilities such as branches, ATMs and traditional checking and savings accounts. Merchant accounts apply to your online store; however, this is the same type of merchant account you may have for your in-store credit card terminal. More...