Merchant Processing Service
This services works under the Secure Socket Layer (SSL). This is a system which codifies the information, is one of the safest system in the current market. This system guarantees that the information is never lost or reproduced to other parties, because it consists of a secure connection between the merchant and the processor.
Online Merchant Account Processors
This service is provided by a bank or an intermediary processor to the merchant. Some of the services included are:
- Authorization of credit cards
- Settlement of funds through the bankcard associations (Visa & MasterCard)
- Depositing the funds into the companies` checking account
- Merchant billing
- Report on the account activity
Requirements to Set Up a Merchant Account
- Bank Account: a corporate bank account, this is needed to deposit the funds coming from the sales.
- Financial References: you must include at least 1 financial reference letter (dated within 3 months of your application)
- Professional References: you must include at least 1 financial reference letter (dated within 3 months of your application)
- Description of your Business: a letter that includes the general description and details of the business.
The following is the information that should be in the description:
- Summary of the business activities
- Details of the products/services sold on the web site
- Locations (jurisdictions) where the company carries out its business
- History of business, and future expectation of volume of sales, revenues, profits, etc. e. Approximate of charge backs
- Website's URL that will be used for the sales of the products/services
- Host jurisdiction of the site
- Copy of the passport for all the people involved with the account, company directors, officers, legal representative and authorized signatories
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