Eternity Law International — News — Merchant accounts

Merchant accounts

Published:
November 19, 2020

Merchant account is a special type of bank account with which you can receive and process payments made using bankcards via the Internet (American Express, VISA and others).

The presence of a merchant account presupposes the establishment of a contractual relationship between your company and a banking institution, according to which payments intended as payment for your products on the Internet, made with plastic cards, go directly to your account.

Our experts provide assistance in opening merchant accounts for gambling services and merchants for casinos.

Our company provides services for opening merchant accounts in different banking institutions of certain countries, depending on the industry in which your company operates. Our staff will select the most profitable payment processing system for you, which would be also the most convenient for your target audience.

Required documents

The account manager must provide the following:

  • copies of the identity documents of each of the directors, signers and owners;
  • a document that would confirm the place of residence;
  • statement for the last three months on an account opened in the name of shareholders or director.

A legal entity must have the following:

  • a package of constituent documents of the enterprise with all certified copies;
  • resolution on the appointment of a person to the post of director;
  • power of attorney for the signer (if there is a connection to a foreign acquirer, then it is necessary to notarize the documents and receive their translation);
  • statement for the last three months on the account opened in the name of the company;
  • licenses for doing business;
  • history of payment transactions for the previous six months;
  • bank statement and photo page that would confirm the ownership of the Internet portal – in cases of presence of a history of payment transactions;
  • if there is no payment history, it is necessary to provide a detailed, well-structured and implemented business plan;
  • address of the company.

Merchant accounts for low risk services and products

Most of the services and goods that are supposed to be paid for through the network do not involve any risks for any of the parties to the transaction. Banks see connecting such virtual stores as the most attractive and least expensive.

The field of e-commerce introduces the concept of “low risk” for such services and products. The main characteristic, based on which products can be attributed to this category, is a small percentage of buyers who leave applications for a refund.

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