Are you planning to start a company or business? Did you just do? Congratulations!

However, before the first payment card or other electronic payment transaction, you as a seller will need an active commercial bank account. To connect your online store with the bank, you as a seller also need to provide a secure channel to carry messages between the online store/e-shop and the bank, but we’ll get to that later. The establishment of a special account for debit, credit card or alternative payments is the duty of every company, and you have the right to choose the bank, cardholder company, model and currency of the account. Depending on your needs, you can open multiple accounts, even with different banks. So let’s start spinning money!

Opening a trading account is often a lengthy matter, so be prepared to invest time and nerves. You can work with acquiring banks or business service providers. Before you start the process, here are a few things to think about.

Know your business needs and your customers

Is your business based on a one-time or recurring payment model of collecting payments from customers? Check if the bank provides both methods of direct debit, payment and fee rates. A deep dive into your target audience will inform you whether VISA, Mastercard or another alternative payment gateway method is perhaps more represented when deciding which credit card brand to partner with. After successfully answering some doubts and deciding to open an account directly with the receiving bank, you will receive your own merchant ID and a dedicated trading account.

Prepare a pile of documentation

Keep in mind that banks are very cautious when it comes to rating businesses as high risk. If you happen to fall into the high-risk category, get ready for more paperwork! Or simply go with ThePayPortals merchant account onboarding solution from scratch and leave it to our team. We will make it as smooth and efficient as possible for all parties.

 ThePayPortal is built to successfully overcome obstacles and challenges:

• EXPERTISE – Conducting a preliminary review of the trader’s business activity to better understand it.

• EXPERTISE – Ensuring that the receiving bank to which the application will be sent is suitable for your particular business.

• COMPETENCE – Ensuring core websites are tested and reviewed by our experienced onboarding team to ensure they comply with current payee and card scheme requirements.

• GOVERNANCE – Ensuring that the merchant has collected all necessary KYC documents, licenses, processing history and business documents to support their application before submitting the application.