What is an international dealer account
If you do business on the internet, you definitely need one or more merchant accounts. Using a merchant account allows shoppers to shop on your website using bank cards. This greatly simplifies the buying process for the buyer and creates convenience for the company.
Eternity Law International offers merchant account opening with more than 30 banking institutions as well as 23 non-banking financial institutions around the world. Choosing a merchant account will depend on the type of business your business does, as well as the countries and banking institutions from which you want to receive payments.
Via the dealer account
A merchant account is a mechanism that allows customers to pay for goods or services with plastic cards directly on your website. A merchant account will help you increase your online sales significantly. Payment can be made through POS terminals through the seller's website via email.
A merchant account will be linked within 2-3 days from the date of submission of all required documents, provided there is a website that meets the merchant's criteria, as well as an open checking account for the company. In some cases, it is possible to open a checking account for the company at the same time as opening a merchant account.
When a merchant account is linked, it is generally assigned a special identification number that connects banks and processors to quickly execute and process payment transactions.
Merchant Account Risks
- for the customer, as the merchant's owner can, once identified in the system, write off amounts from his card,
- Risks for the seller (merchant account holder), since after the purchase the buyer has the right to withdraw the payment (in this case, this amount will not be refunded due to the processing to which the payment was made,
- Bank - for which the bank will impose a fine on the owner of the merchant account),
- Risks to the bank as it has to compensate the payment to the buyer of the merchant account holder.
The amounts debited from the buyer's credit card are credited to the merchant's account within a few days. And the bank, in turn, does not receive these funds until the end of the reporting period (usually once or twice a month).
This creates conditions that will force both the bank and the processing companies to take a serious look at providing merchant invoices to customers and customers to take seriously the quality of the products they sell so that no refunds are issued.
The electronic payments market is currently very large:
- US merchants;
- British merchants;
- Merchants in Germany;
- Merchants of Russia;
- Merchants of Ukraine;
- as well as many other countries.
Hence, it is necessary to select a merchant account based on the unique needs of a particular company.
Types of merchant accounts
Depending on the nature of the activity and the amount of payment repayment, a merchant account can be:
1) high risk (high risk of chargebacks);
2) Low risk (low risk of chargebacks).
Opening a dealer for high risk activities takes more time and requires additional documents and information to be provided. The higher the risk your business is, the higher the percentage of commission charged by the bank / processing unit for payments made.
The risk is assessed individually after a thorough analysis:
- Corporate documents;
- Corporate website;
- the nature of your work;
- a corporate bank account;
- a corporate bank account;
The specialists at Eternity Law International will give you competent advice on opening a merchant account in a suitable jurisdiction.
If you have any questions or need advice on opening a bank or merchant account, please call us at the numbers provided on the website or write on the form below.
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