Online Payments and Merchant Account Services

A merchant account is a processing facility necessary for the payments made to companies, whether they operate online or offline.

Online Merchant Account

If a company is present online then, through a merchant account, it has the chance to provide its customers with a wide range of online payment options.

Offline Merchant Account

When referring to an offline merchant account we are talking about accounts set up by businesses with a physical presence (e.g. Stores) which use cash and Point of Sale terminals (chip, PIN). There are three types of merchant accounts, international, forex and travel merchant accounts. Depending on your company’s needs you will need to set up the right one.

Parparinos Milonas Corporate and Legal Consultants can provide the appropriate assistance in setting up the proper account suitable for your needs (online or offline), as well as on how to make the most of the merchant account you will set. Furthermore, it is imperative for a company to comply with the standards of the industry it operates in and for this, our Firm can also provide you with the correct guidance and assistance.

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: It is imperative to have a company incorporated in the same jurisdiction as the merchant bank account. This is because some restrictions were put up by processors in some jurisdictions. In the event you do not have a registered company in the jurisdiction of your interest you can contact us to receive assistance.
  • A Company Bank Account: If you already have a company in the specific jurisdiction you will also need to have a bank account set up for it. In the event you don’t have a company in the jurisdiction of your interest, you can contact us and we will take care of registering a company for you and opening a bank account for it.
  • A business plan: This is required by most acquirers if you are a new online merchant. For the established online merchants, a processing statement is enough. In the event you don’t have a business plan, our team of professionals will provide it for you.

 Once the above is settled you must follow the steps below in order to open your merchant account:

  • You will have to fill in our Application Form.
  • After reviewing your application we will inform you if you qualify for a merchant account or not.
  • In the event you do qualify for the setting up of a merchant account, we will send you the complete application form. Furthermore we will send your documents to the acquirer.
  • The acquirer will run a risk assessment on your company. After the acquirer’s estimation we will inform you as to whether you can become a merchant or not.
  • If the answer is positive, you will be asked to sign a contract with the acquirer and your account will begin to operate.

Should you need an Application Form you will have to contact our offices so we can provide you with one electronically.