Third-party merchant accounts or aggregators, like PayPal, Stripe, and Square use one merchant account to process transactions from millions of businesses while a traditional merchant account is unique to your business and you have your own account number. There are several advantages to having a merchant account and the biggest one is the vetting process. Now, this may seem counter-intuitive, but the vetting process actually works in your favor if you are a legitimate business that wants to offer your customers quality products at market-related prices.
Third-party payment processors balance the risk of honest entrepreneurs and businesses against conmen, money launders and fly-by-night businesses that are going to shut up shop before customers can ask for refunds. But when you apply for a merchant account from JJS Global, as the account provider, they will put you through a proper vetting process and look at the risks associated with your business and your industry. JJS Global will carefully study your business model and assess your credit history as well as several other factors before approving your account. This means that you will be working with a company that understands the inherent risks associated with your business and if there is any unusual activity on your account, they will investigate rather than simply freezing your funds. The process to obtain a traditional merchant account through JJS Global is more intense than the vetting process for a third-party aggregator, but it is worth it for your own protection and peace of mind.
Third-party aggregators work as an entry-level option for accepting credit cards but if you are doing large volumes of sales with high turnover or you are in a high-risk business category, then your business needs a JJS Global merchant account.