With the rise of eCommerce, merchant accounts have become very popular among business owners. They facilitate the online sellers. Merchant accounts are great for keeping your business safe from fraud. Paypound merchant account is the key to a safe and you can focus on the logistics of the business. When we talk about merchant accounts there is not only one kind. You can get a dedicated merchant account or an aggregate merchant account. There is a lot of buzz around aggregate merchant accounts for new sellers.
What is an aggregate merchant Account
A dedicated merchant account is the one that you get for your business solo. However, an aggregated merchant account is very different. This is an account that you share with multiple other businesses. It has its own benefits for a new business. For example, you are not solely responsible for the account so the process is much less complicated.
A Payound merchant account is the best option but getting a Paypound aggregate merchant account can reduce the pressure on a new business. All the companies part of the account will be helpful in setting you up to your business and making it stand on its feet. To get your aggregated merchant account open
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However, before you take the final plunge into it, let’s discuss the pros and cons of an aggregated merchant account. This would be a great help in making the decision.
Pros of Aggregate merchant Account
- Your new business needs some confidence from customers. An aggregate merchant account makes your business trustworthy. The system would clear your account as a legit account and you can have your profits without any hassle.
- You can get an aggregated account opened much easier than a dedicated account. There are more responsible businesses as part of the account too. So in comparison to a dedicated merchant account, you have to provide a lot less documentation.
Cons of an Aggregated merchant account
- An aggregated merchant account is dealing with multiple businesses at the same time. This makes releasing the payments slowly. With a normal Paypound merchant account, your payments will be processed in somewhere between 2 to 3 days. However, with an aggregated merchant account, the processing time can go up to 7 days.
- A shared account such as an aggregated account takes away a lot of liberties on your own funds. If you do not pay attention to the terms and conditions, you can get stuck in very weird conditions. In any case, the provider takes most of the funds’ decisions. So if you are not comfortable with sharing control over your find, an aggregated merchant account is not for you.
- As there are a lot of companies handling the same account, there is a high chance of fraud. You might be doing but any company doing fraud can cause you loss. Your account can get closed and funds can be confiscated. So you have to do a thorough check of your account partners.