Basically its an account for merchants. That's about all. You can't do anything with it except be a merchant. You still have to apply for the facilities to accept credit cards and etc before you could do so.
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To accept credit card payment via a website, you need all of the following independent entities that all work together to form a common solution:
1.) an INTERNET merchant account (as opposed to a RETAIL merchant account
2.) a gateway. The website equivalent of a retail store credit card machine.
3.) a Shopping Cart
4.) an SSL certificate
Again, all the above are separate entities that independently accomplish nothing, but when working together provide the ability to accept payment via a website. You can purchase bundled packages that contain all the above in one neat package, but this is a big mistake cost-wise since this traps you with specific proprieatary solutions which robs you o all competitive pricing leverage