Collecting payments through cards has grown as one of the essential parts of the business. As today people prefer to pay through their cards that are, purchasing product or services through their account directly.
For this, the businesses who are practicing the traditional way of business are rapidly changing their working or the start-up businesses who want to have a credit card payment accepting merchant account, needs to deal with a lot of paperwork for the approval of a merchant account that is specially dedicated to collect payments through cards.
Here we are going to discuss the merchant account requirements in the UK, Ireland and other 26 European countries.
The above were the perquisites that will act as the deciding factor whether the applicant is eligible to apply for the merchant account. Now, for filing the application in the bank these are the other documentation required to be submitted to the bank:
Applicant profile: The applicant needs to submit its profile containing Applicant’s name, address, phone number, email address, business web address (if any), Business ID and additional knowledge about the applicant if any. This will help the applicant to prove that he/she is a resident of European countries and eligible to do business in the country.
The article of Incorporation: This is a kind of silenced that will help the applicant to prove that the business is running incorporation and eligible for selling products in all European countries.
Personal banking statements: These statements will help the applicant to prove the financial strength of the applicant as the merchant account risk management asks for this type of security proof.
Business banking Statements: If you need the high- risk merchant account in European countries for your existing business then you will need to provide business bank statements to show them how strong is the financial profile of your business that will help you to get the high monthly volume on the merchant account.
Personal guarantee: This is required when the business is from the category of high-risk industry or the volume of the business is higher, needs to provide a guarantee that can act as a security for three transactions.
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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