Merchant Agreement
Categories: Credit, Regulations
See: Credit Card.
You run a small boutique specializing in leather goods for a very, shall we say, demanding clientele. For a long time, you handled all transactions in cash. But since the popularity of Fifty Shades of Grey, you've gotten a lot more mainstream customers. People who would rather just use a credit card.
So you decide that you're going to start accepting credit. First step: sign a merchant agreement. This document represents the basic contract between you, as the merchant, and the credit card company. It allows you to accept credit cards and makes you part of that credit card company's network.