Merchant account is a checking account, which is opened with the intermediary company. The intermediary company has its own bank account and the right to conduct payment transactions in the Internet using bank cards and electronic payment systems. The merchant account is provided based on the agreement between the parent company and the intermediary company. Also, this account includes software and payment solutions, as well as KYC-standards.
So, if your company plans to sell goods and services in the Internet such as software, cinema/music, food delivery, online games, web design services, dating sites, forex and others, merchant account is a necessity for you. To better understand the role of merchant account in the company, you can go directly to the offshore scheme page.