Merchant account: what is its purpose?

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A merchant account is a special account through which payments for services and goods are made through the organization’s website. The company that initiated and carried out the registration of the merchant receives a personal code that distinguishes it from the other companies. The code is used when the bank transfers money and is carrying out all operations through the site and eWallet. Let us discuss the opening of a merchant account or an online account.

Account payment gateway: what is it?

It is better to open a merchant account for an online store at maxpay.com, as when you open it, you need to install a payment gateway. This program is installed on the site of the account holder and makes it possible to control all operations, eliminating the risk of meeting with scammers.

The payment gateway, for example, Maxpay, operates according to the following principle:

• card activity control;
• sending information to the required address;
• encrypting and decoding information;
• sending data back to the site;
• transaction confirmation or refusal.

It turns out that the use of a payment gateway ensures the overall security of work. If it is revealed that the card is inactive or incorrect user data is specified, further operations are not performed, and the transaction is rejected.

How to open a merchant account?

In order to open a merchant business account, one should submit the application to the bank. Also, in the EU, it is possible to create an online account through a modern financial organization like Maxpay. Before opening a merchant account, consider the following:

• offered services sold goods;
• approximate volumes of sales of goods, frequency of registration of services;
• the average amount in the check;
• countries for which transactions will be mainly carried out, and the currency of these transactions, for example, USD, EUR, or other;
• a website that fully meets the requirements of the world’s payment systems.

Today, a huge number of companies work in this area, but it is impossible to apply without carefully studying the reputation. Unfortunately, there are a lot of scammers, so you first need to evaluate the ratings and read the reviews of previous and current customers. A good solution is to attract professionals who will select a reliable bank or organization for your merchant account.

What is required for registration?

Registration is possible via submitting the following package of documents:

• founding papers;
• information about managers, employees of the secretariat, shareholders;
• data on the status of the enterprise;
• data indicating the policy on chargebacks;
• copies of company statements.

The specified list contains only corporate papers, but it is impossible to open an online account without the personal papers of managers. The following documents are required:

• copies of passports;
• confirmation of the place of registration and residence;
• banking advice.

The absence of even one of the listed documents is a reason for refusing the registration of the merchant account. Banks and financial institutions prefer to be sure of the honesty and reliability of their potential client.

After the creation of the merchant account, you can operate and work freely and develop your company.