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 in all transactions conducted through the Internet website of the company. After registration, it is bound to the company bank account, this brings the payment from the customer directly to you.
A payment gateway is a specific software installed on the website of the merchant owner. It allows you to monitor the transaction while minimizing the risk of fraud. Its mechanism of action is as follows:
Thus, the payment gateway performs a vital function in monitoring the security of the transaction. If an inactive card or invalid user data or other problems are detected, the payment will be denied.
The choice of the financial institution or processing center to register a merchant is not an easy task. After sending the application the bank or the center concerns it, highlighting important nuances that will become the reasons for satisfaction or refusal of registration. In particular, financial institutions and processing companies pay attention to the following nuances:
To date, there are many services which offer to open a merchant, however, do not choose the first of them. In this area, there is a very high risk of fraud, so it is recommended to carefully study the ratings of processors and banks. An even better solution is to go to the professionals because they will help to register the account in the audited bank or processing center.
In order to register a merchant account, you will need to submit certain documents. They include the following papers:
This list includes only corporate documents, but opening the merchant will be impossible without personal documents of the managing parties. In this case, you will need:
To open a merchant you will need all documents from the given list. The financial institution or the payment processor where you intend to apply for registration of the account should take maximum information about you and the company. In the future, the data will be checked for authenticity and legality.
If you haven’t opened a merchant earlier, you may face a number of challenges that can take a lot of time. In this case, better go to the professionals with experience in such operations. Our experts are ready to register the merchant in a bank or processing center in any part of the world. We will provide expert advice for any questions and will accompany the registration process from beginning to the end.
Eternity Law International specialists will provide you with expert advice on opening a merchant account in a suitable jurisdiction.
If you have any questions or need advice on opening a bank or merchant account, call us at the numbers on the website or write in the CRM form at the bottom of the page.