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Merchant Account
A merchant account or merchant account name is the same and is a type of bank account that allows businesses to accept payment by debit or credit cards, it also serves as an agreement among retailers, and a commercial bank and payment processor for the settlement of credit card and / or debit card transactions.
Services to process a merchant account is provided by the bank or third party merchant account processing. These services include credit card authorization, the establishment of funds through partnerships-card (Mastercard, Visa, etc.) Deposit funds into accounts checkbook, commercial billing, and reporting of account activity .
Today, most credit card transactions are sent electronically to commercial banks for authorization processing, capture and deposit. There are several methods for submitting a credit card for sale "system." In all circumstances, either the entire magnetic strip is read by sliding through a credit card terminal / reader, a chip that is read, or credit card information is entered manually into a card terminal credit, a computer or website.
Currently treated with several merchant account processors. Which we recommend for you based on your particular business model.
Most service providers of merchant accounts do not accept certain types of high risk businesses, such as:
• The sale of child pornography, bestiality, materials for use of pornography, incest, anything "inappropriate."
• The sale of controlled substances, such as valium, codeine, marijuana, no "substance abuse."
• Trade with gambling in the U.S. market.
• Travel Trade, are hard for approval because the delivery time of the services offered there.
• Snuff, perfumes, alcohol are difficult to pass due to the nature of products, imports of these products is not permitted in many countries.
• Forex
• Firearms and ammunition.
Electronic commerce is generally considered the appearance of e-commerce sales. It also involves the exchange of data to facilitate the financing and payment of commercial transactions.
The steps for creating an internet business e-commerce, offshore and tax-free are:
1.Setting an offshore company.
2.Aperturar an offshore bank account deposits for on-line
3.Tener web site for your corporation and start offering their products and / or services.
4.Solicitar an E-commerce merchant account through us.
The requirements for opening a merchant account are:
1.Certificación society Registration issued by the Public Registry of Panama, with minimum of three (3) months.
2.Certificación of the Company stating the current Directors of the Company.
3.Certificación of the Company stating the current shareholders of the Company.
4.Certificación of the Company stating the actual physical address of the Company.
5.Memorandum and Articles of Association of the Company.
6.Copia of passports of the directors, officers, shareholders and others to sign and be involved with the opening of the merchant account.
7.Original utilities (telephone, water, cable, etc..) Account statements or statements of credit cards for directors, officers, shareholders and others to sign and be involved with the opening of merchant account, with a minimum of three (3) months.
Reference 8.Carta signed by a lawyer, bank manager or a certified public accountant, stating the names and residence address of each of the directors, officers, shareholders and others to sign and be involved with the opening of the merchant account .
PCI Compliance 9.Certificación (AIS / SDP).
Commercial License 10.Copia society. (If applicable)
11.Carta bank reference bank account where it deposits.
12.Carta financial reference for your company.
13.Carta professional reference from a customer.
14.Carta the company stating the following: Summary of business, product descriptions and / or services you sell online, jurisdictions of the companies with which you normally do business, the year his company was constituted, volume previous or planned business (annual income, sales, assessment, etc.) estimated percentage of reversed charges, website URLs that are used to sell their products or services, jurisdiction where the website site URL receives.
* Each of the documents should be annotated or authenticated by the Consulate of Panama in their country of origin.
** The requirements may vary according to the Bank or intermediaries.
*** All merchant account application is subject to prior verification.
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