In simple terms, Merchant Account is an account with that facilitates a merchant or a vendor to allow their users to pay by credit cards while using their business offerings. So, to be able to receive credit-card-based-payments when offline or on the web, merchants must possess their own merchant account. It is then operated by an organization Merchant Service Provider like IMD. An MSP also takes care of managing the account while adhering to state and federal guidelines and also to deposit amounts in a checking account. It also safeguards from fraudulent efforts, and offering assistance if you have any questions, which is commonly addressed as Merchant Services.
Here’s a quick graphic / cyclic representing of MSPs’ operation.