How does the merchant account services from CCLOGIC works?
by, 08-11-2011 at 07:23 AM (1474 Views)
Since we each day get lots of questions about this specifically service then we found it necessary to develop this small guide in order to avoid frequently to answer the same questions. However, should you still have any questions feel free to post them here or open a support ticket in our corporate support.
Can I open a merchant account for my Seychelles company?
Defiantly no, we are unable to help to open merchant accounts for non EU companies. Since the Seychelles is not part of the European Union then we can't help this is part of the International Visa and MasterCard regulations and not a decision taken by CCLOGIC.
Can you open a merchant account for my Belize or Panama company?
Again, defiantly not, Panama and Belize are not part of the European Union, if you are not sure which countries belongs to the EU then please take a look here, it is impossible for us to open merchant accounts for non EU entities.
My company is located in India, can you open a merchant account?
No, again, India is not part of the European Union and therefore we are unable to open a merchant account, you will need to Incorporate in Cyprus in order for us to help, if you want to do so then please continue reading for more important information.
Can you open a merchant account for my Cyprus company?
Yes, Cyprus is part of the European Union and therefore we can open the account if all conditions are met.
Will you guarantee the approval of the merchant account with the Cyprus bank?
Defiantly NOT, we can't and will not make any guarantees since there are so many factors involved in a merchant approval which we are not in control of that it would be wrong to make any guarantees. Further, it is not a merchant account in Cyprus we offer, but simply a merchant account with a European bank.
What will be the rates and fees for the European merchant account?
This depends very much on the business case, the monthly volume and what category your business belongs to. Further some business can't even be placed at their own merchant accounts but will need to start with a 3rd party billing solution to build up some processing history, this most often apply for new / start-up business. The general rates and fees can be found on our website, they are not final rates but need to be negotiated and can be more or less.
If we can't get a merchant account we don't need the company, so what to do?
This is one of the most asked questions at all. Let it be said, we do not refund any money for company incorporation in Cyprus or any for any other service already rendered. If you have been declined everywhere else, then don't believe that we can get an approval the Acquiring banks have similar procedures, however, there are exceptions. So if you don't have any use for the Cyprus company if you can't get an approved merchant account then our solution may not be for you.
Will you refund my money if our merchant account is declined?
NO, any payment that is made to us in order to help to open a merchant account with one of the partnered Acquiring banks or Payment Service providers will not be refunded, you pay for our time and not for a specific product where you can claim a refund.
For more information please also visit our website for merchant account opening!