Opening merchant account
A merchant account is a merchant account that allows a company selling goods or services to accept payments from its customers using Visa, MasterCard and other cards. The success of a modern business is measured by the breadth of use of all possible sales channels of its goods and services by the seller. And the availability of the ability to accept payments from the cards of its customers allows the company to get a sustainable competitive advantage. In addition, the presence of an active merchant account provides a level of round-the-clock sales, as well as leveling the geographical limits of customer location.
Merchant account is the second account after the company’s current account, as the receipts from the merchant account are transferred to the company’s current account. At the same time, current and merchant accounts can be opened with different financial partners. Both traditional banks (with physical branches) and digital banks open merchant accounts. And it should be noted that the latter have succeeded in this in recent years, significantly outpacing their traditional competitors in the rate of building up their client base. Such providers are registered all over the world, they are ready to accept companies from different risk categories and differ in their ability to cover the geography of the client’s customers and, of course, in their tariffs.
Before starting the procedure of opening a trading account, you should prepare answers to the following questions:
- company data (including data of the director, shareholder, beneficiary)
- a detailed description of the company’s activity and the product or service being sold
- company website
- geography of your customers
- types of payment cards from which payments should be accepted on the company’s website
- settlement currencies
- monthly turnovers, as well as the average amount of one purchase
- data on the company’s current account
Opening a Merchant Account is a quite complicated and time-consuming process. The smallest mistake or incorrectly submitted data may result in rejection to open such an account. You should also start the process of opening a merchant account after checking the company’s website for compliance with the requirements of financial institutions (as well as Visa and MasterCard systems). Considering our many years of experience and expertise, our specialists will help you open an account taking into account the specifics of your company’s activity and, of course, considering your wishes.