Having an ecommerce business that is globally expanded in order to serve goods and services, require international merchant account services. As these merchant account going to make money when you process a transaction. When we hear about multi-currency transaction we thought of bank account, but having a bank account and merchant account is two different things. Bank account is where you can store your business funds whereas merchant account holds your funds created by credit and debit card sales. When you use credit card the fund directly transferred into merchant account, and from merchant account they are transferred to your normal bank account.
Why you need merchant account?
For accepting credit card payments online you need a merchant account provider, from merchant account you are able to hold online credit card funds into your bank account. Internationalbankservices.com offer International merchant account solutions to ecommerce businesses or you can use third party payment processing company where they use their own merchant account on behalf of other companies. Also a merchant account is a legal agreement between you and your merchant account provider.
Why you need International Merchant Account?
If you own a merchant account then there is no need to open separate international merchant account, because all UK based merchant account can be used to receive payments from international payment gateways. While your customer will pay you in local currency and money will automatic credited in your UK bank account in GBP.
How to set up Own Merchant Account?
Well it is not so complicated process to open a merchant account if you own a registered company. Almost there upto 8 to 9 banks in UK who offer online merchant services to businesses who want to accept online card payments as these are also known as credit acquiring banks. The merchant account provider get to known about a range of information to enable them to make a decision whether they to provide you a merchant account and the terms under which this account will be operated. Followings points may be asked for when completing your application.
* You current or projected turnover
* Business accounts
* Average transaction value
* Frequency of transactions
* The type of product or service you are selling
* The time expired between the point at which the payment is taken and the point when you complete the order or service.
* The percentage of transactions taken by card.
* How your product or service is delivered to the customer.
* A reference form a current supplier.
* It takes around one to four weeks to open a merchant account. Each business is considered on a risk basis and the terms that are offered will reflect the risk involved in supplying your business with a merchant account.
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