Unlike purchasing particular clothes, the merchant account is not what you call “one kind fits all” or “one size fits all”. This account that you will need for your business depends on the business model and the kind of industry. There are some businesses, which actually need two accounts. For instance, if you will be running a brick and mortar retail store, selling products from the store through a catalog or order mail, you should absolutely have two separate accounts, the mail order and retail in covering every division. One merchant account is not going to do the job due to the different kinds of transactions that you will process. The sales from mail order do not need to be processed through a retail account as they need to be processed with an account that presents card. To switch these two will result to higher fees for processing, either the non-qualified or the mid-qualified discount rates. Wireless – A wireless account is being used using a wireless terminal or credit card. This kind of account will allow a merchant in accepting credit cards on the go, obtaining a real-time transaction authorization. These wireless have low fees and rates just like the retail accounts, but the fees for every month are higher. Card Present Accounts – A card present an account in which the customer and the credit card are presented at the time that the credit card has been swiped through the magnetic or terminal card reader. Restaurant – A restaurant merchant has different function from some other kinds of accounts for merchants due to the charging of tips. As soon as the credit card is authorized, the meal’s grand total with gratuity and any pre-meal will be spent on snacks or drinks. Retail – A retail account for merchant functions as the majority of the transactions of the merchant are swiped physically through a credit card terminal, which is connected to a land line. These accounts have the lowest transactions fees and discount rates, and these are the most common kind of account. Internet – Businesses selling products or services online used this type of account. They usually want to accept credit card payment in real time. Almost all of the sales are being generated from a website. Store and Forward – This kind of account is allowing a merchant to accept transactions on credit cards on the go, forwarding them into the processor in the future. Store and forward merchant account functions just like a wireless account, where it is powered by a battery. The difference is that it provides an authorization real time, providing the same low fees and rates as a retail account. This is ideal for business with small average tickets. As soon as the phone line is present, you can plug your terminal in; they will forward the information of the transaction to the processor. A merchant account comes in all sizes, shapes, and forms. You have to make sure that your account provider will set up your business with the right type and number.