A merchant account is where processed payment funds are deposited.
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A merchant account is a type of business account that allows a merchant to accept and receive funds from electronic payment transactions, such as credit and debit card payments.
In a traditional payment setup, the merchant account temporarily holds card-payment funds before they are transferred to the merchant’s bank account.
With Shopify Payments, merchants generally don’t need to set up a separate traditional merchant account with a bank because Shopify Payments handles the payment processing and payout process.