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.

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