What is a merchant account?

A merchant account is a specialized account that allows an approved business to accept and process customer payments through its website. Funds from completed payments are deposited into the settlement account selected by the merchant, subject to the applicable payment method and settlement terms.

Pay by Bank is currently available through SEPA Instant and SEPA Credit Transfer. Eligible SEPA Instant payments usually arrive within seconds, although availability depends on the customer's bank and clearing conditions. Standard SEPA Credit Transfers may take up to 2–3 business days.

Visa and Mastercard card processing is coming soon, initially for approved low-risk businesses. Availability will depend on factors including the country of registration, industry and merchant category code, processing currencies, due diligence, risk approval and technical setup.

If you want to accept Pay by Bank payments through multiple websites, you need to create a separate merchant account for each website: one website equals one merchant account.

Learn how to apply for a merchant account and how to set up merchant payments in Genome. You can also read more about settlement accounts and Genome's merchant services.