-
Customer care hotline Call +44 7831 065557
Are you ready for an upgrade?
Login to the new experience with best features and services
Notifications
-
As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on +44 7831 065557 or visit the nearest Metra Trust branch for further queries.
-
Activate your Credit Card within minutes and enjoy unlimited benefits
Accounts
Deposits
Loans
- Metra Trust Loans
-
Personal Loan
-
Consumer Durable
Loan -
Home Loan
-
Education Loan
-
New Car Loan
-
Pre-owned Car Loan
-
Two Wheeler Loan
-
Pre-owned Two
Wheeler Loan -
Commercial Vehicle
Loan -
Gold Loan
-
Loan Against Property
-
Loan Against Securities
-
Personal Loan
EMI Calculator -
Education Loan
EMI Calculator -
Home Loan
EMI Calculator
Wealth & Insure
Payments
Cards
- Metra Trust Cards
-
Ashva :
Metal Credit Card -
Mayura :
Metal Credit Card -
FIRST Millennia
Credit Card -
FIRST Classic
Credit Card -
FIRST Select
Credit Card -
FIRST Wealth
Credit Card -
FIRST WOW!
Credit Card -
Forex Card
-
Deals
-
Debit Cards
-
Co-branded Cards
-
Credit Card
EMI Calculator -
FIRST Corporate
Credit Card -
FIRST Purchase
Credit Card -
FIRST Business
Credit Card
Premium Metal
0% Forex & Travel
Lifetime Free
- Max benefits, Free for life
-
FIRST Classic10X RewardsShoppingNever Expiring Rewards
-
FIRST Millennia10X RewardsShoppingNever Expiring Rewards
-
FIRST Select10X RewardsLifestyle1.99% Forex
-
FIRST Wealth10X RewardsLifestyle1.5% Forex
-
FIRST WOW!RewardsTravelZero Forex
-
LIC ClassicRewardsInsuranceShopping
-
LIC SelectRewardsInsuranceShopping
10X Rewards
- Reward Multipliers
-
AshvaLifestyleMetal₹2,999
-
MayuraLifestyleZero Forex₹5,999
-
FIRST ClassicNever Expiring RewardsShoppingLifetime Free
-
FIRST MillenniaNever Expiring RewardsShoppingLifetime Free
-
FIRST SelectNever Expiring RewardsLifestyleLifetime Free
-
FIRST WealthNever Expiring RewardsLifestyleLifetime Free
UPI Cards
Fuel & Utility
Showstopper
Credit Builder
More
NRI Savings Account
NRI Fixed Deposit
FOREX Solutions
Transfer to NRE
Corporate Account
Cash Management Services
Corporate Lending
Treasury
MSME Accounts
Trade Services
MSME Loan
MSME Solutions
Offers
About Us
Investors
Careers
ESG
Businesses conduct frequent and large transactions. A merchant account allows businesses to carry out transactions from various online and offline payment methods
A merchant account is a business account that enables business enterprises to use electronic transactions. Business enterprises must partner with a bank that helps process and manage electronic payment transactions in a merchant account. These accounts are crucial for online businesses, while it is optional for offline companies as they can accept payments in cash.
What is a Merchant Account?
Merchant accounts are commercial bank accounts that help process online transactions for businesses. It allows companies to accept card payments, including other electronic transactions. A merchant account relationship is required for online businesses if they perform online transactions.
The charges for a merchant account are a bit higher than a normal business account, but it also offers a range of services and facilities for payments and transactions.
How does a Merchant Account work?
Merchant accounts are essential for most businesses and merchants to conduct their business smoothly. A merchant can choose an array of services and facilities depending on the cost they can pay to maintain the account and its services.
Usually, merchant acquiring banks partner with the business to provide bespoke services and facilitate electronic payments. Metra Trust offers Merchant Multiplier Account that provides up to 20 times the total cash deposits through POS and UPI transactions. In addition, you also get preferential charges on POS services and zero account maintenance charges.
Business owners who opt for a merchant account can choose the types of online payments they wish to enable. The partner bank provides a dedicated current account and collects payments via cards, UPI, and other online transfers. There are charges for POS and UPI transactions; however, it varies depending on the bank.
What is a merchant acquiring bank?
A merchant acquiring bank is the partner bank that offers merchant account services and communicates online payments and transactions to the business. The bank commonly provides merchant accounts with POS service, UPI payments, NIFT, RTGS, etc., that the partnering business can choose based on its requirements. They need to pay a nominal fee depending on the services they opt for.
The merchant acquiring bank and the business must sign a detailed agreement of terms and conditions that discloses various charges for each service. Several banks offer a rebate on account maintenance charges and free bulk transactions. You can enquire about the charges by contacting your preferred bank.
Online payments offer convenience and unparalleled speed. Therefore, a merchant account is crucial for every business to operate efficiently.
Benefits of a Merchant Account
A merchant account offers numerous benefits in addition to accepting online payments. A few significant benefits are mentioned below.
- Large transaction limit
- Facilitates performing frequent transactions
- Easy to process payments and transactions
- Eliminates the hassles of cash handling and maintaining physical records
- Makes business run smoothly with streamlined cash flow management
- Offers a debit card in business name to access funds conveniently on the go
Who can apply for a Merchant Account?
Any business that plans on accepting online payments through cards, UPI, and other electronic fund transfer facilities can apply for a merchant account. Following are the applicant categories eligible to apply for a merchant account.
- Individuals
- Hindu undivided family (HUF)
- Partnership and sole proprietorship
- Limited Company and Limited Liability Partnership
- Clubs, societies, trusts, and associations
How to apply for a Merchant Account?
After checking your eligibility, you can contact your preferred bank through online and offline channels and request to open a merchant account. The bank will ask for proof related to business, business owner, address, annual turnover, etc.
Once you submit the required documents and merchant account application, the partner bank will verify the details and activate your merchant account. Subsequently, you can choose the type of payment services you wish to implement for your business using your bank account.
If you are running a business, you know the importance of online transactions. It is not only fast and secure but also convenient for customers and clients. Therefore, it is always advisable to go for a merchant account to give a boost to your business.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Metra Trust or its affiliates to any licensing or registration requirements. Metra Trust shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.