Need an ecommerce merchant account?

Need an ecommerce merchant account?

If you answered “yes”, then you are in the right place already, as Genome provides said accounts for ecommerce and other companies, with a dedicated IBAN account to settle earned funds. 


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And for those who are still not sure whether you require an ecommerce merchant account or not – no worries! In today’s article, our team will explain what kind of account is that, how it can be useful, and what is needed to set it up. 

Ecommerce merchant account: the basics

Online merchant accounts get brought up often here, within Genome’s blog. But to keep it short and simple, this is a type of bank account designed for companies that want to receive money from their buyers online. The credit/debit card, eWallet, other electronic payments received are stored here for a certain period of time. The money remains there for a settlement period and then is transferred to the company’s current account. After the process is complete, the company can use, transfer, and withdraw money as it sees fit. 

An ecommerce merchant account serves the same purpose but has more useful features for ecommerce enterprises. 

What to focus on when choosing an ecommerce merchant account

Let’s discuss some of the main features an ecommerce merchant account should have, using Genome’s services as an example:

Multiple payment options

Many ecommerce businesses cater products to more than one country or region. Thus, they should be ready to receive money not only in various currencies but via a plethora of payment options. 

Accepting cards is a must, but don’t underestimate the popularity of mobile wallets. According to the Global payments report 2021, the share of eWallets and mobile wallets among the total e-commerce transaction volume in 2020 amounted to 44,5% worldwide. Credit and debit cards are the second (22,8%) and third (12,8) most used options. All the necessary information about digital wallets, their different types, and how they work – in this article

Speaking of options, Genome allows accepting cards of major brands like Visa and Mastercard, as well as over 30 alternative local payment methods on merchant websites. We offer multi-currency business IBANs in EUR, USD, and GBP. Meaning, after the earned money is settled, it will be converted to one of these currencies – up to your choosing. 

Integrations with ecommerce platforms

Some online stores prefer using ecommerce platforms and marketplaces to sell goods. But they are still seeking a merchant account with a secure and fast payment service provider that also offers money transfers, corporate virtual cards, and even physical card issuing.

Some PSPs develop APIs and instruments for successful integration with the marketplace. Genome has special plugins for WooCommerce, PrestaShop, OXID, Shopify, OpenCart, Drupal, Magento. It means that users of these marketplaces can apply for our online merchant account and then install a plugin for the platform of their choice.  

Fraud and chargeback protection

Unfortunately, online shops are more prone to fraud and chargebacks than retailers, as ultimately you can’t see the customer on the other side of the screen.  
Thus, your ecommerce merchant account must provide the necessary features to prevent these. The financial institution you choose must be PCI DSS, PSD2 compliant, and have 3D Secure in place for the merchant website.

The benefits of an online merchant account

Nowadays, you don’t have to go to the banking branch to start an account for your business. You can open an online merchant account from the comfort of your home or office – with Genome. 

To open an ecommerce merchant account, you will need a stable internet connection and some documents to confirm the necessary details about your business. The account managers are there to help you along the way – during the onboarding and beyond. 

You can oversee and control all the operations anytime – through the web browser or app. Other crucial features will also be available online – from transferring money, currency exchange, and ordering debit cards to batch transfers and accepting money to your merchant account with direct payouts, easy to track 24/7. 


Open an account

in Genome online

Get Started


What is a merchant account for ecommerce?

It is a special kind of account catered to the businesses that sell their goods and/or services via the internet and get electronic payments. It also offers ecommerce companies separate tools and features to elevate their payment processing experience. 

Do I need a merchant account to sell online?

Yes you do, as it allows accepting credit and debit cards, digital wallet payments, etc. To get one, approach an acquiring bank, a payment service provider like Genome, or any company that delivers merchant services.  

Do you need a merchant account for ecommerce?

The answer is identical to the one prior – yes, you do. 

How do I set up an online merchant account?

Here’s what you need to take care of. First and foremost, clearly outline your priorities when it comes to your company – what are your target countries, markets, and audience, which payment methods they prefer (cards, eWallets, etc. For instance, if you target entire Europe, there is still a difference in how you will be marketing different types of goods to people in the Netherlands vs France. Not to mention that, according to Worldpay’s survey, the market share of Mastercard in the former is 95%, while in the latter domestic solutions are preferable (82%). Yet another metric to pay attention to. 

Based on the research, find a merchant service provider (an acquiring bank, PSP, etc.) that will accommodate you the best. The institution you choose most definitely will have some requirements for you to apply for the merchant account – like company documents, the turnover statements, etc. Ensure you can provide all that and proceed with the onboarding process. Once it is complete, as well as a setup of the necessary API components, a business can accept money on their merchant website.