Here we are going to discuss the merchant account requirements in UK, Ireland and other 26 European countries. For a merchant account to be initiated for collecting card payments the businesses need to have the following documents to file applications:
Proof of Citizen Ship: A copy of the passport or EU card, as the proof that the applicant is a resident of the European country.
The physical presence of business: Proof that the business or applicant has a physical existence in the United Kingdom, Ireland or 26 European countries. That can be any Utility bill with the address mentioned on it.
Applicant’s bank account: A bank account in any of the European branch.
The above are the essentials of the application that a merchant needs to provide while applying for the merchant account. Now, the type of merchant account is categorized under the two basic forms
Retail merchant account: This type of account is specifically designated for the merchants that deal with the retailing of products or daily utility services. Plus the account is also for the businesses that have a low volume of transaction or sales. This type is more inclined to products like fashion and electronic items.
High-risk merchant account: This type of merchant account is assigned for the businesses who deal high-risk business industries like Trial & Continuity, Tech Support and alike or high volume of transactions.
Basically, the above types of merchant accounts will decide the amount that bank will apply on transactions made and also the bank will decide if the business needs any type of guarantee to use the merchant account services.
If the business has used the card accepting services before they need to provide the previous 3-6 months year old transaction details that will help the bank to get the estimation of the business’ transaction and risk volume.
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