Merchant Discount Rate is the rate charged to a merchant by a bank for providing debit and credit card services. Yes, it is compulsory because it is the commission the bank gets for providing the services.
The bank will credit the account or issue a pay-order on the next working day of the transaction settled.
The ownership of the new store must be the same as your existing account with bank, and it must also be the same type of business, unless you are opening an e Commerce location. If the business type of your new store is different, you will need to set up a new Merchant Account. If you are planning to open another location, or if you have questions or need assistance in this regard, please contact our merchant services department.
Bank will provide you the transaction report with status as per the frequency you required i.e. daily, weekly, and monthly.