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Merchant Accounts

What is a Merchant Account?

Merchant accounts are online payment gateways to your business bank account. Our office maintains a long-term cooperation with international merchant account providers.
The online collection services of international merchant account providers are utilized to receive your client’s money, paid for goods or services you provide them, and channel it to your bank accounts, after of course they deduct their agreed commission or other charges or fees.
Such international merchant account providers can be firms that only operate in this field, or well-known International Banks.
Merchant accounts are commonly needed by all businesses with online sales of goods, products and services through their website, giving their customers or their clients the opportunity of simple, fast and practical payment by accessing their debit or credit cards or by a bank wire or even an e-check.
Such merchant accounts can be any one of three types depending on what business your IBC is in:

  • Forex
  • Travel merchant account
  • International

Setting Up Your Merchant Account with PAHA Team

PAHA consultants will get in touch with you immediately to analyze your request, ascertain your particular needs and guide you step by step from the time the merchant account is being set up to its integration into your company and your Bank Account.
Our experts will also advise you and set up your payment gateway if you will require a personalized payment gateway for your merchant accounts.

What is a Payment Gateway?

All merchant accounts must be connected online through your website where the payment begins, to your bank, to collect the money for you. So it is special software doing this job for you.
The bigger majority of merchants will use the gateway software provided by their bank or the acquirer they use, or other, very large merchants can have software made especially for them to tackle the complexity or volume of their orders.
Security of Your Merchant Account

  1. a) SSL Certification or Secure Socket layer protocol. It is a system for encrypting all information divulged by the client’s computer to your servers and is generally needed by all merchant account users.
  2. b) Fraud Prevention. All merchant processing CNP (Card Not Present) transaction needs a tool to prevent fraud, such as the AVS (Address Verification System).
  3. c) Risk Management: This is a way of operating by your firm. You train your personnel to watch out for telltale facts. You can tell when something is “fishy” if you see a big order of diverse products, not compatible to each other, or a series of orders from the same shipping address with different credit cards being used etc.

Merchant Checklist and Application

Business Merchant Account Checklist and Application
Here follows a brief explanation of what is needed to set up a merchant account and the steps you need to take for the actual setting up of the account.
In order to set up a merchant account you will be required to have:

  • A Company based in the relevant jurisdiction as the merchant account in order to avoid certain restrictions put up by many processors in some jurisdictions.
  • A Company Bank Account. In the event that you do not have a registered company or set up a bank account in the relevant jurisdiction PAHA can help you with both services.
  • A Business Plan. This is required by most acquirers if you are new online merchant. For the established merchants, a processing statement is enough. In the event that you don’t have a business plan our team of professionals will provide it for you.

Please fill in the online Merchant Application Form in order for our team to assess if you qualify for a merchant account in which case your company details shall be requested and forwarded to the acquirer who will run a risk assessment on your company. After the acquirer’s assessment we will inform you as to whether you can become a merchant or not.

Merchant Account Application Form

Processing Solution

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