Merchant Accounts FAQs

1. Are there some merchants you do not accept?
2. Do you accept merchants Worldwide?
3. Do you differentiate companies registered offshore and onshore? If so, how is it reflected in your discount rates?
4. What is a virtual terminal? What are the advantages of having one?
5. Are there any limitations to the choice of the bank I want to use for credit card processing purposes?
6. Will I have my own merchant ID number? How will the customer know that he/she bought goods from my company?
7. Is there any minimum/maximum volume processing per month restrictions?
8. When does the merchant get paid?
9. Do you provide technical support with integration of our website to start accepting credit cards?
10. What is a rolling reserve?
11. What is a VU number? Do I have to have it and how would it effect my customers' statements?

1. Are there some merchants you do not accept?

As we stressed on our website, we judge each application on its individual basis and do not have any prejudices against any type of business, providing it is legal and profitable.

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2. Do you accept merchants Worldwide?

Not at this time. Your business must be incorporated or has a branch (or subsidiary) in one of the following countries or territories: Alderney, Andorra, Austria, Belgium, Cyprus, Denmark, Faeroe Islands, Finland, France, Germany, Guernsey, Gibraltar, Greece, Greenland, Iceland, Ireland, Italy, Isle of Man, Liechtenstein, Luxemburg, Jersey, Madeira, Malta, Monaco, Netherlands, Norway, Portugal, San Marino, Sark, Spain, Sweden, Switzerland, United Kingdom, Vatican City. But you should consider an option of incorporation in any European country or better in the European Offshore Tax Havens (above marked bold) under the name of your existing company (or any other suitable name). We can put you in the right direction with this matter in almost any country in Europe and you will be able to incorporate or set up a branch for your business very fast and cost effective.

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3. Do you differentiate companies registered offshore and onshore? If so, how is it reflected in your discount rates?

No, we do not. We offer the same rates and conditions for offshore and onshore companies. But please bear in mind that we only work with offshore companies incorporated in the following jurisdictions: Isle of Man, Jersey, Guernsey, Sark, Alderney, Andorra, Cyprus, Malta, Madeira and Gibraltar. If you require some assistance with incorporation there, we can recommend you reliable incorporators.

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4. What is a virtual terminal? What are the advantages of having one?

A virtual terminal is a way of credit card processing over the phone, fax or e-mail. It is very useful for clients who accept credit cards not just on line but by other means of communications described above.

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5. Are there any limitations to the choice of the bank I want to use for credit card processing purposes?

No, there are no limitations to your choice of a bank. It could be outside Europe.

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6. Will I have my own merchant ID number? How will the customer know that he/she bought goods from my company?

You will have two options to choose from. One is to use our name as your merchant processors. It is a faster option, but your client will not see your name on their credit cards statement, which in effect can cause more chargebacks.

Second option is to apply for a merchant account ID number in your own name and then the clients will see your company name on their statements. It will take slightly longer (usually up to one week), but it is worth waiting.

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7. Is there any minimum/maximum volume processing per month restrictions?

No, there are no volume restrictions.

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8. When does the merchant get paid?

The merchant gets paid once a week on Friday for the previous week. For high volume merchants with processing volume of 200,000.00 USD/Euro and above per month, settlements can be arranged to be done on a daily basis.

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9. Do you provide technical support with integration of our website to start accepting credit cards?

We will provide you with instructions how to integrate your website, which is sufficient to your webmaster to complete the task in a few hours. But you can always ask for some technical support.

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10. What is a rolling reserve?

A rolling reserve is a percentage of your total sales which is withheld by a credit card processor for six months in respect of possible future chargebacks. In month seven of your trading your rolling reserve will be released to you for the first month of trading, in month eight your reserve will be released for month 2, so you will always have a reserve of six months due to you. The reason behind it is very simple - the customers can do a charge back for the services or goods you provided to them.

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11. What is a VU number? Do I have to have it and how would it effect my customers' statements?

Credit card billing requires a credit card acceptance contract, which in effect means that you have to have a company vendor number (VU). You would be able to accept cards by using your own merchant VU number from any website that legally belongs to your company. If you want your clients to see your company's name on their statements, which normally minimizes the chargeback fees, you have to indicate that to us so we can arrange it for you. Please note that it will prolong the merchant application process.

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Apply for your Merchant Account today!
(You are under NO obligation to proceed with our offer for merchant account, so why not to try it?)