Merchant Credit Card Account

Find out how to apply for a merchant credit card and information on using a merchant credit card account on EconomyWatch.

Once you’re approved for a new credit card through an application process with your merchant, bank or credit union that offers a MasterCard or Visa, simply activate your card to activate your account and consider yourself authorized to start using your credit credit card. You’re in business!

Find out how to apply for a merchant credit card and information on using a merchant credit card account on EconomyWatch.

Once you’re approved for a new credit card through an application process with your merchant, bank or credit union that offers a MasterCard or Visa, simply activate your card to activate your account and consider yourself authorized to start using your credit credit card. You’re in business!

How to Use a Merchant Credit Card Account

Pay for dinner, buy a new outfit or purchase a car accessory – present your credit card for payment and it’s yours. The vendor swipes the card through an electronic device which then sends a request to the issuing company to approve the transaction. As long as the account has the available balance handy, the amount of the purchase is automatically deducted – and the merchant provided with a transaction code.

However, if the merchant credit card account lacked enough funds to cover the purchase owing to missed or late payments; basically credit was not available for the purchase amount, the electronic device nitifies the vendor and declines the transaction. On the other hand, glitches in the system do occur. So if you know the merchant credit card account has the available credit to cover the purchase, request the vendor call the toll-free number on the back of the card to request verbal approval from the issuer and provide the necessary transaction code – and the purchase can be processed.

Merchant Credit Card Transactions

Once the transaction is complete, the vendor would provide you with a receipt for you to sign.  This receipt contains the company name, address, and phone number information from which the purchase was made; as well as the date of the purchase, the amount charged to the merchant credit account, and a transaction code.  The vendor keeps the original copy and provides the consumer with a copy.  If for any reason you need to return a purchased item, the original receipt can serve as proof of purchase.

The merchant credit card account is used throughout the month and at the end of the billing cycle each month, a statement is issued.  It is important to review every item on the statement because sometimes, mistakes are made.  Make sure the statement has no unauthorized charges and/or non-applicable fees.  If everything is correct, you should pay the full amount to avoid paying interest but if you are unable to pay the full amount due, always try to pay the most possible.  If you find mistakes, pay what you know you owe and then you can formally dispute the other charges directly with the issuing institution.