Acquiring and Payment Services in the UK

Opening a merchant account is always a task that is slightly more complicated than opening a simple bank account. A merchant account is a type of business bank account that allows a business to accept and process electronic payment card transactions. WIth that being said, there are a few more procedures than a simple account that you can use for business transactions.

What does a payment service has to offer in terms of acquiring?

This is an Authorized Payment Institution and is a Principal Member Acquirer of Mastercard and VISA. This means that if you successfully open a website with them, you will be able to receive payments from the clients that pay with VISA or Mastercard.

They mostly offer acquiring service for merchants in EU-jurisdictions with current account for the settlement payments in EUR for the customer’s convenience.

Regarding onbording process for the clients – the payment service offers two options: 

1. Pre-check form (this form is used for the quick reviewing of the attracted merchants in order to understand, if they can offer potential future cooperation) 

2. The other option is Customer Questionnaire and Beneficial Owner Questionnaire (data from the customer questionnaire are used for full-fledged consideration for the current account and merchant-account opening).

A remote account opening is available for all clients.

Payment processing is available in the following currencies: AED, AMD, ARS, AUD, BDT, BGN, BOB, BRL, BYN, CAD, CHF, CNY, CZK, DKK, EUR, GBP, GEL, GGP, GIP, HKD, HRK, HUF, IDR, ILS, INR, KRW, KZT, LYD, MDL, MXN, NGN, NOK, NZD, PLN, RON, RUB, SAR, SEK, SGD, THB, TRY, TWD, UAH, USD, ZAR

Each account will have a separate IBAN.

What type of clients the account opening is recommended for?

The payment service in the UK offers acquiring services for companies in many different types of business, but generally focused on: general e-commerce, high-risk like licensed Forex, licensed Gambling, some dating services, travel, etc.

What is required to open a corporate and merchant account?

There is a standard set of documents required for corporate account opening, including the information about the UBO (ultimate beneficial owners) of the company and also corporate documents.

For merchant accounts the additional documentation is required:  Company’s bank statements, a license if required, signed agreements with company responsible for client identification, internal signed AML/KYC policy, proof of domain ownership, PCI DSS documentation with ASV scan, AOC, SAQ (in case if your clients will use their owned payment page).

Findove will be happy to help you to open a corporate and merchant account with this fantastic acquirer, just let us know!