Planning on founding a company or business? You just did? Congratulations!
But, before the first credit card or other electronic payment transaction, you will need an active commercial bank account as a seller. To connect your online store with the bank, as a seller, you also must provide a secure channel that will transmit messages between the online store/e-shop and the bank, but we will get to that later. Opening a special account for a debit, a credit card, or alternative payments is an obligation for every company, leaving you with the right to choose the bank, cardholder company, model, and account currency. Depending on your needs, you can open several accounts, even with different banks. So, let’s start the money rolling!
Opening a merchant account is often a tedious business, so be prepared to invest both time and nerves. You can partner with acquiring banks or merchant services providers. Before going into the process, here are several things you should think of.
Know your business needs and your customers
Is your business based on a one-time or recurring payment model of collecting customer payments? Check whether the bank provides both ways of collecting, payments, as well as fee rates. A deep dive into your target group will provide you with information if maybe VISA, Mastercard, or some alternative paying method is more represented when deciding on which credit card brand to partner with.After successfully answering to some of the doubts and still deciding on opening the account with acquiring bank directly, you will receive your own merchant ID and a dedicated merchant account.
Prepare a pile of documentation
Bear in mind that banks are very cautious when it comes to assessing businesses as high-risk. If you happen to fall into the high-risk category, be prepared for more paperwork to deal with! Or simply go with ThePayPortals Merchant Account Onboarding Solutions from the start, leaving it to our team. We will make it as smooth and efficient as possible for all parties.
ThePayPortal is created to successfully overcome obstacles and challenges by:
• PROFICIENCY – Performing a preliminary review of the Merchant business to get a better understanding of it.
• EXPERTISE – Ensuring that the Acquiring bank to which the application will be sent is a good fit for that particular business of yours.
• COMPETENCE – Ensuring that the underlying websites are tested and reviewed by our experienced onboarding team, to guarantee that they adhere to the current acquirer and card scheme compliance requirements.
• MANAGEMENT – Ensuring that the merchant has collected all the necessary KYC documents, licenses, processing history, and business documents to support his application before the application is submitted.
• BACKING – Assisting Merchant during and after the onboarding process
Gain your business advantage by turning to Merchant Account Solutions to help you safely process and take payments online. Get to know how money moves without losing a single minute or nickel. Make it easy, convenient, and secure for both you and your customers around the world.