A Time of Magic

I’m sure that most people assume that shops basically have the same kinds of account that they do themselves albeit with larger throughput.

However, that’s not generally the case. Yes, they do have relatively normal bank accounts but for a whole host of reasons they can often accumulate countless other accounts with their suppliers and in particular for payment processing. To sell merchant account is very much a specialism as the requirements of businesses can vary considerably even when they are apparently similar.

Thus, for example, you can find that two quite similar hotels will operate their credit card processing in wildly different ways. Most will continue to use their normal bank but these days that’s not necessary nor desirable as there are outfits that can do it much cheaper and with more efficiency than a normal bank could.

Related posts:

1. How fast does money move when it goes abroad?
2. Behavioural analysis security software
3. Banking liquidity ratios and the Northern Rock
4. How did we operate pre-ATM?
5. Would you know when a financial report was telling porkies?

This entry was posted on Friday, July 9th, 2010 at 11:41 am and is filed under Finance, Miscellaneous. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.