Internet Merchant Account Processors:
The merchant account processing services are provided by an merchant bank processor, or a third party processor for the merchant. Services include credit card authorization, settlement of funds through credit card associations (MasterCard and Visa, etc.), depositing funds into checking accounts, merchant invoicing, and activity reports account.
We are currently dealing with several banks and merchant account processors. The one we recommend for you will depend on your particular business model. Please note that most merchant vendors do not accept certain types of high-risk businesses, such as pornography, arms sales, online gambling, or the sale of addictive substances. However, we have relationships with processors from multiple vendors, so if a particular processor does not accept your business model, then we have others who may (although the establishment and processing costs may be slightly higher for processing high card credit risk).
Cards & Currencies:
Our merchant processors can process MasterCard, Visa, American Express, Discover Card, and many others. The merchant processors that we have a good relationship with can settle the funds owed to merchants’ bank accounts in euros or US dollars at any bank worldwide.
Service:
The processing functions of merchant services in the SSL (Secure Socket Layer) system which codifies information and this security system is one of the most advanced on the market today. It consists of a secure connection between the merchant and the processor, which ensures that information is never lost or reproduced to other parties. For added security the high risk merchant processor requires that you obtain a digital commercial security certificate for your website forms.
Requirements for Set up of the Merchant Account:
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Corporate bank account:
This is where the proceeds of the merchant account transaction will be deposited.
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Financial References:
At least one financial reference letter (original, dated less than 3 months) is required to open the account.
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Professional References:
At least one professional reference letter (original, less than 3 months old) is required to open the account.
Merchant Account FAQ:
Q: What Is Merchant Account Processing?
A: Merchant services account processing is provided by a bank or third party processor for the merchant. These services include credit card authorization, settlement of funds through credit card associations (Visa, MasterCard, etc.), and deposit of funds for checking accounts, merchant billing, and activity reports account.
Q: How Can I Get A Merchant Account?
A: The first step is to establish an offshore company. Next, you will need to set up a bank account for your company. Finally, the merchant account is established by one of our corresponding merchant processors like ipaytotal. The application process is relatively simple, and only requires that you fill out the necessary documentation.
Q: What Types Of Credit Cards Can I Accept?
A: Thanks to our recommended merchant processors, you will be automatically configured to accept Visa and MasterCard, while other cards require additional authorization.
Q: How Long Does The Approval Process Take?
A: You can start accepting a credit card immediately after the request is accepted and your merchant account is activated by ipaytotal. The application process takes 2 to 4 weeks, depending on whether all the necessary documentation is complete.
Q: Can I Start Accepting Credit Cards Immediately?
A: Yes, once your account is approved and activated, you can start processing credit card transactions immediately.
Q: How Will I Be Paid For Credit Card Transactions?
A: The funds are automatically transferred to your checking account business via wire transfer after a transaction has been “captured” and settled for payment. The payment terms range with each merchant processor, some pay within 72 hours, others within 2 weeks. Please note that certain “holdbacks” (usually a small percentage of transactions, approximately 5-10%) may apply, depending on the level of risk in your business. The “hold-backs” are released after a certain time, generally within 30 to 180 days (depending on the risk assessment carried out by the merchant processor).
Is There Paperwork To Sign?
A: Yes, requests should be sent by courier or email to your address, you will need to return signed requests with the necessary documents to initiate final approval. Once final approval occurs (normally approximately 2 weeks after the merchant processor receives the original documents) you will then be able to begin processing.