Can I use my small business banking account as the merchant account to go with authorize.net?
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I'm selling SaaS and I want my customers to pay every month, ideally through credit card. So I set up an http://authorize.net account as my payment gateway. Now they are saying that I also need a merchant account. Can I just use my small business checkings accounts? After all, I want my money to go there at the end of the day. Would this work?
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Answer:
As you mentioned, Authorize is just a payments gateway to plug into your website. You will need a separate merchant account, and there are many options for this. Depending on the complexity of the payments integration, you might want to go with Stripe/Braintree, or you can contact a merchant acquirer/processor directly. First Data, Chase PaymentTech, Bank of America Merchant Services, Wells Fargo, etc. are the big players in this space. There is an application procedure where they'll go through and try to assess risk. You will be looking for someone who offers the best rates.
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