Eternity Law International — News — How to open a Merchant Account?

How to open a Merchant Account?

Published:
November 9, 2020

Online trading has become quite popular lately. This means that stores need to acquire payment acceptance systems. Some online companies use the services of intermediaries or aggregator systems, but there are also stores where payment is only possible through electronic wallets, such as Yandex.Money, Webmoney or QIWI. Moreover, this does not suit all clients, but rather creates inconvenience for buyers.

With the help of a merchant account, the company will be able to receive payment by credit card from the client, regardless of where he/she is. The main advantages of having a merchant account are the following:

  • low commission percentage
  • lack of currency control
  • the ability to process more than a thousand transactions in just a minute
  • payments can be made around the clock, 7 days a week
  • confidentiality of data and reliability of operations

Perhaps one of the main cons is the procedure for opening a merchant account, which can take a long time. In addition, if we are talking about online stores, then as one of the minuses the technical side should also be noted: setting up the payment form.

Opening a merchant account

This procedure consists of three stages: preparation, KYC and integration.

The preparatory phase involves providing information regarding your business: the name of the company, line of business, currency and turnover of funds for which you are counting. This information will help the merchant to choose the most optimal tariff for you. In order to open an account, you will need to provide some more information. All documents must be accurate and, in addition, be prepared to answer some questions, for example, “Is the payment method you are using your own or purchased from a third party vendor?”

The most tedious part of the process of opening a merchant account is the second stage, namely, providing detailed information to the acquiring bank. We recommend using the services of professionals in order to avoid the risk of being rejected.

In addition, the last stage is integration. At this stage, the customer needs to agree on the technical and financial parts of the agreement. The financial part means the conclusion of a transaction with an acquiring banking institution through which payments will be made. The technical point is getting a company for payments, which will be used by clients on your site.

The account opening procedure is not as complicated as it might seem the first time. However, this is an opportunity to focus on the development of your project and increase the profit of your business. Contact the specialists, and then you will not even notice how much time was spent on the whole process.

You could be interested

Incrypted Conference - Unveiling the Future of Cryptocurrency in Kyiv

On November 3rd, 2023, Kyiv played host to the highly anticipated Incrypted Conference, a seminal event in the realm of cryptocurrency, blockchain technology, and decentralized finance. Against the backdrop of Ukraine’s burgeoning tech scene, this conference served as a catalyst for innovation, exploration, and collaboration at the intersection of law, technology, and finance. The Eternity...

Crypto License in Argentina as your investment

Argentina’s evolving cryptocurrency regulatory framework is undergoing profound transformation, presenting discerning investors with exceptional prospects in the realm of digital finance. Amid escalating global demand for robust digital asset oversight, this treatise meticulously examines the intricate benefits, legal stratagems, and emerging opportunities that accompany the acquisition of a crypto license in the country. By elucidating...

The UK intends to simplify the confiscation of cryptocurrency

The UK wants to reproduce reported amendments to the cryptocurrency regulations in the UK – Economic Crime and Transparency law to permit the quick take of crypto-assets connected to terrorism. Who regulates the UK Crypto industry? The UK Financial Conduct Authority (FCA)has taken control of the British AML and CTF rules in operations related to...

Company registration in Poland

Poland is developing quite dynamically. It is a European country with EU membership and offers its residents and foreign visitors a high social level, a loyal fiscal system and a welcoming, friendly atmosphere. And this is not a complete list of the advantages of Poland as a jurisdiction for creating a business. You can register...

How Europe’s AML regulation affects crypto

With expectations for an updated legal and regulatory mechanism toward virtual funds, experts state the EU might place a more hard-line attitude on cryptos. As specified in the recent media reports, 6 EU member states, namely, Austria, Germany, Italy, Spain, Luxembourg, and the Netherlands are on their way of implementing an AML law that will...

Trademark registration procedure and why it is so important

Worldwide globalization of all spheres of life causes the actualization of protection of intellectual property rights. Day to day any customers meet with logo, brands, names and simultaneously realize that here is a hallmark of some brand. According to Ukrainian civil law, a trademark is an object of copyright and intellectual property as well. In...

Related posts

Open a bank account in Poland

Poland is a very perspective country both for traveling and providing services. So we prepared a short guide with the main information for the bank account opening. Required documents The requirements differ to the residents and foreigners. If you have Polish citizenship the procedure is fast and simple. You need to check a bank policy...

Open a bank account in Estonia

Estonia is one of the most stable countries in the European Union. For the last years the government here introduced some changes into the financial sector regulation. Among them, we should name an electronic system of interaction with the authority. Also, Estonia is situated near developed European countries and can become a launching pad for...

Open a bank account in Cyprus

Cyprus is the most attractive country for business registration. It proposes low taxation, simple procedures for incorporation and subsequent business management and stability in politics and law. If you plan to form your company in Cyprus, you have to open an account in one of the local banks. It will be a profitable investment, as...

What do you need to open a merchant account

A merchant account is a needed option for many entrepreneurs, but not everyone is aware of what it represents. This account enables customers to pay for goods and services directly on the website of the company. To transfer funds using banking cards. Particularly relevant the opening of accounts will be for organizations, leading their activities...

Why do you need a merchant account?

A merchant account is a specific account that allows you to make payments for goods and services directly on the website of the company. The organization that has registered the merchant receives its own identification code, which helps to allocate it among a huge number of enterprises on the entire planet. This code is present...

Discover our services

The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.

Ready-made companies for sale

Companies with a bank account around the world

Banks for sale

Established Banks for sale

Ready-made licenses for sale

Forex, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Licensing

Forex licenses, cryptocurrencies, gambling, EMI, PSP, SVF, MSO, DLT

Offshore company registration

Expert advice on the acquisition of an offshore company

Open a bank account

Open bank accounts in more than 120 banks around the world
Fill the blank: