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Opening a merchant account for business
Connecting a merchant account is becoming an increasingly necessary option for online trading. It is not surprising, because “merchant” is translated from English as “merchant”, and trade in the modern world has long crossed the boundaries of markets and physical trading platforms. It is extremely convenient for both the buyer and the seller to generate electronic payments from any corner of the world and in a matter of days receive the desired product for someone and the desired profit to their account.
A merchant account is a very easy and convenient option for a client, but far from an easy task for an online merchant who wants to connect it. Opening a merchant account requires an exceptionally professional approach and knowledge, because the financial sector is extremely sensitive to this service.
- Determine the payment criteria of the business (what payments will be received, their geography, average bill, types of customer cards, etc.)
- Choose a reliable bank provider to service the merchant.
- Check the site for compliance with generally accepted merchant standards (product description, trade, and refund policy, product exchange, contact information, site security).
- Open a current account for the company, in case of its absence or closure.
- Communication with the provider bank and collection of necessary documents.
- Apply for a connection.
- Pass all identification procedures and compliance checks at the bank.
- Communication with the bank to set up and connect the payment gateway to the site.
- a package of corporate documents of the company;
- company tax returns;
- confirmation of the address of the company;
- bank statement on the corporate account of the company for the last 3 months;
- business plan for new companies;
- passports of the director and account manager;
- utility bill to confirm the place of residence for the director and account manager;
- a detailed description of goods or services;
- pricing policy of the company (costs, currencies);
- a detailed description of the geography of trade and future payments;
- confirmation of the ownership of the site (domain);
- developed refund policy.
Azola will advise on all the nuances of merchant accounts, provide support for opening an account at each stage, help with the preparation of the necessary documents, and also take care of all ongoing communication with the provider bank.
The cost and terms of connecting a merchant account depend on the chosen bank and are discussed individually. We cooperate with more than 30 banks, so we will definitely find the best solution for you.