For any online business, be it an online store, an online school, a bookmaker, or any other online service, it is important to be able to accept credit and debit cards as a payment method.
Merchant Accounts (sometimes called acquiring or processing) means a special bank account that allows processing and receiving payments from Visa, Master, American Express, UnionPay, Alipay and others bank cards.
Cash payments are a thing of the past and if you don’t move your business online today, you risk losing a large segment of customers tomorrow.
According to statistics, today more than 65% of consumers prefer cashless payment methods. By connecting payment solutions to your website, you will increase the number of customers and earn loyalty to your brand.
How does this solution work?
You fill in the required data
The filled in data is encrypted and automatically sent to more than 50 payment organizations around the world
Managers of payment organizations, having received this information, analyze the application
If they have any additional questions, you will be sent a message
As soon as any payment organization has provided a preliminary acceptance, you will immediately receive a notification with the conditions for connecting a payment solution and MDR (merchant discount rate)
You can immediately start opening merchant accounts or wait for offers from other institutions and choose the most suitable conditions for yourself
The main advantages of this solution:
Save time on filling out dozens of questionnaires and negotiations
Save the time it takes to review. Applications sent through this form are considered by organizations on a priority basis
Save money – many payment institutions charge a preliminary review fee. Through this form you get a preliminary review for absolutely free
Save money twice – due to the fact that Private Financial Services have concluded agreements with processing organizations and we bring them thousands of clients, we get lower processing rates for our clients
Get help in opening merchant accounts, even if you were refused. Having received comments related to the reasons for the refusal, the specialists of Private Financial Services negotiate with payment organizations and help open a merchant account!
Open an account
Private Financial Services has been opening accounts and merchant accounts in banks around the world since 1998. For more than 20 years, we have accumulated tremendous experience, knowledge and have concluded hundreds of partnership agreements with various banks and institutions. We have opened thousands of accounts for individuals and legal entities and even helped some banks to obtain licenses.
Private Financial Services are not limited to account opening. During this period, we also helped thousands of companies and entrepreneurs “unfreeze accounts”, dispute payments, obtain loans, leases, factoring, draw up investment portfolios, and helped some clients recover money from collapsed banks.
Our team includes specialists with colossal international banking experience who previously held various positions in banks, from ordinary managers to department heads.
The main countries in which we help with opening merchant accounts (relevant at the end of 2020)
England
Hungary
Vietnam
Germany
Hong Kong
Georgia
India
Indonesia
Ireland
Canada
Cyprus
Costa Rica
Latvia
Lithuania
Mauritius
Malaysia
Malta
Netherlands
UAE
Poland
Portugal
Romania
RF
Singapore
Slovakia
USA
Thailand
Turkey
Philippines
Czech Republic
We help to connect processing for the following types of business
Low-Risk
Low-risk projects are those types of businesses that have the lowest possible number of dissatisfied clients and chargebacks. This segment usually includes online stores selling consumer goods, aggregator services, services with an international name and an excellent history.
Medium-Risk
Medium-risk projects include projects such as online schools, online consultations and courses, shops with goods of dubious purpose and quality, or just those projects that cause some suspicion among providers.
High-Risk
Traditionally, high-risk projects include gambling, forex, cryptocurrencies, products for adults, casinos, pharmaceuticals and other areas. You can read about High-Risk in more detail in this section.
200
Merchant accounts connection fee starts from EUR 200
24
Preliminary assessment within 24 hours
14
14 days is an average timeline for the opening
60
Available more than 60 acquiring banks and payment systems
Available crypto acquiring
3
MDR from 3-10% for high-risk
500
We have opened merchant accounts for more than 500 clients
1,5
MDR from 1,5-2,5% for low-risk
200
Merchant account connection fee starts from EUR 200
Available crypto acquiring
24
Preliminary assessment within 24 hours
3
MDR from 3-10% for high-risk
14
14 days is an average timeline for the opening of merchant accounts
500
We have opened merchant accounts for more than 500 clients
60
Available more than 60 acquiring banks and payment systems
1,5
MDR from 1,5-2,5% for low-risk
Commonly required documents for opening
As of end-2020 processing providers would be requesting following set of documents to open merchant accounts:
For participants individuals
Certified passport
Selfie with a passport
Certified document confirming the place of residence
CV/Resume
For participants, legal entities
Certified set of corporate (statutory) documents
Certified extract from the business register
A diagram of the organizational structure
Extracts from previous current accounts (if any)
Share certificate
Brief business plan
Contracts with partners, examples of invoices
Extracts of the previous processing history (if any)
Please note that this is an average list that can be expanded depending on the service provider.
We also draw your attention to the fact that all documents, as a rule, should not be older than three months. If the language of the documents differs from English, then, as a rule, a notarized translation into English, or the language of the country where the account was opened.
Special attention should be paid to the website. As a rule, it should contain a privacy policy/data processing policy, SSL certificate, contact and legal information, policies for purchasing goods/services, return policies and other information depending on the specifics.
Opening procedure
At the initial stage, you should understand what goals you are pursuing by opening merchant accounts.
After that, it is necessary to analyze possible processing organizations and compare their conditions and commissions. Having an understanding of which processing organizations are suitable for you, we advise you to contact one of the employees to clarify the opening procedure. Typically, this procedure looks like this:
1. Filling out questionnaires;
2. Provision of primary documentation;
3. Initial assessment of the case by the processing organization, in particular, checking the website, the declared activity, previous business history, beneficiaries, directors, company. Many processing organizations charge fees already at this stage;
4. If after the initial check no questions arise, then a more in-depth study (due diligence) is carried out; at this stage, you will be asked for additional information, documents, narratives;
5. If you have passed the check and the processing organization has no questions to you and your company, then further, you will usually need to sign various contracts and agreements;
6. Further, the integration with the processing organization begins, the information on the site and in the conditions is drawn up accordingly;
7. Next, test transactions are carried out;
8. After that, you can launch this payment solution live.
If you have successfully opened a merchant account, this does not mean that you have completely passed the verification. Most processing organizations monitor your behavior closely enough in the first months of operation in order to verify the information and data you have declared.
GET A PERSONAL OFFER!
Private Financial Services will assist you!
We will really dive into your case, analyze and advise options and solutions according to your criteria
We will make our own Due Diligence of your case “through the eyes of a provider”, we will draw your attention to the aspects that require elaboration
If necessary, we will help prepare various legal forms and documents for the website, including privacy policy, GDPR, rules of use and others
Some projects, for example cryptocurrency, in accordance with the requirements of Visa, Master need a legal opinion (Legal Opinion). We can also help you with this
We will receive preliminary confirmation from the processing organization about opening a merchant account
We will help you to collect and correctly draw up all the necessary documents
We will provide all the necessary information and documents in the required form to the provider
We will carry out all the necessary procedures and negotiations with the provider before successfully opening merchant accounts
We will provide comprehensive assistance in the process of work, if necessary
We will resolve any other issues related to the banking sector and finance
