Merchant Bank Accounts
A merchant bank account allows the business to accept funds for their service or commodity offered online by credit or debit cards or in other words a Merchant accounts is simply a bank account in which the merchant can receive and process their funds. To obtain a Merchant bank account , merchants are required to partner with an acquiring bank or a payment service provider; we have to understand the fact that a merchant account isn’t the typical bank account.
Merchant accounts help the businesses to accept credit/debit card payments or any other type of electronic payments although merchant accounts come with added fees , they offer a variety of services.
Merchants are classified into two
High risk – Mostly in high business the transactions are happening as cards are not present and comparatively the charge backs are higher in this category and such businesses are termed as high risk business/entities.
Low risk – Most of the time the transaction is done as card present and chargeback for fraudulent transactions are lesser in this case. These categories of businesses are termed as low risk businesses/entities.
Merchant account providers
Merchant account providers help the businesses to accept online payments by offering merchant accounts, depending upon the requirement of the merchant acquiring banks to provide them the services required.
Depending upon the type of payments accepted and factors such as transaction volume, geo markets, and currencies accepted these all together determine the fees. Different types of payment acceptance may require separate merchant accounts.
These merchant account providers facilitates this payment process, they play an integral part in any online business, and since there are many merchant account providers available out there it’s very hard to find the right provider for your business and Offshore gateways ease up this hectic process and delivers tailor made solutions for each businesses exclusively matching their need and getting a right acquiring bank to partner with and start processing.
Merchant account opening
Offshore gateways assist almost all the high risk businesses to secure their Merchant accounts online from a wide variety of acquiring banks partnered with us.
How to open a merchant bank account
Below are the key points to look out for opening a merchant bank account. Underwriting is mandatory to be completed to move the application and get started with a merchant account.
Business banking account has to be valid and Your business bank account will be the default destination for the funds you transact into this account. The merchant account provider will be making your settlement periodically as agreed upon the contract.
Licence - Business Licence or incorporation certificate has to be submitted for the underwriting and validating your business.
Merchant Application Form- Merchant application is required to complete the underwriting . This application will request the basic fundamental information regarding your business.
Underwriting –Payment service providers and acquiring banks take the risk by providing merchant accounts for business , where there can be chargebacks happening or fraudulent transactions might happen and while assessing these banks look at the legitimacy of the business as well. Underwriter runs all this risk valuation and approving a business.
Documentation- All the documents requested by the acquiring bank have to be submitted and to the bank for validating the information and details mentioned are true.
Approval- Once underwriting is done and docs are submitted, merchants have to wait till they receive an approval and start processing. Compliance check- It is important to make sure that the merchant account provider is compliant with programs like PCI DSS.
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#Merchant accounts for small businesses
Know more about our service just read our website blogs will helps to more informations about our webs and Bussined solutions we are Provider.
https://www.paymentsclarity.com/our-services/payment-gateway
https://www.paymentsclarity.com/how-do-i-register-an-offshore-company
https://www.paymentsclarity.com/how-to-get-a-merchant-account-via-payments-clarity
https://www.paymentsclarity.com/do-you-accept-credit-cards
https://www.paymentsclarity.com/what-is-a-credit-card-software
https://www.paymentsclarity.com/tips-and-tricks-for-0-apr-credit-cards
https://www.paymentsclarity.com/what-is-open-banking-and-how-does-it-work
