No. A merchant account is a type of bank account that allows businesses to accept payments by payment cards, which are typically debit or credit cards. It’s similar to a credit line for your business to accept payments or issues refunds.
A merchant account is unique to you and your business. When you apply, the underwriter will look at your industry, your processing history (if any), your personal credit, your business’ creditworthiness, and other factors. Once approved, your business can start accepting payments.