Opening merchant accounts

A merchant account is a service through which an online business can receive payments from individuals.

Opening a merchant account is unavoidable for e-commerce.

There are two types of merchant accounts and VigoLex will help you open any one convenient for you: standard non-cash payments using a banking card and a merchant account in cryptocurrency with non-resident brokers.

  1. For standard cashless using banking cards, there are two solutions: 
  • Card present for brick-and-mortar shops with POS terminals, i.e. where settlements are carried out by reading a payment card;
  • Card not present – for the web-shops and e-commerce.

It should be borne in mind that despite the apparent simplicity, funds pass through the processing center, where they are delayed for some time prior being transferred to the client bank account. This is due to the fact that in case of dispute, for example, regarding wrong delivery, return of goods, incorrect payments, fraud, any other operations when the buyer wants a refund, the money is withdrawn from the merchant account and returned to the client. For high-risk activities about up to 10% of the revenue can be withheld as a guarantee amount in the event of disputes with payers.

If such situations arise and disputes with the bank servicing the merchant account are at hand, the participation of lawyers is desirable, and VigoLex team will help you with such issue.

  1. The alternative to banks and PSPs are cryptocurrency merchant-accounts from foreign brokers. Their advantages are:
  • absence of intermediary banks, 24/7 operation, minimum commission for processed payments;
  • absence of a single digital bank, and resulting control over operations and payments restrictions;
  • personal data protection;
  • no refunds and irreversibility of contracts – a transaction in a cryptocurrency cannot be revoked, unlike payments using banking cards;
  • ability to convert amounts on the account and withdraw in foreign currency.

VigoLex professionals constantly monitor trends in digital business and the majority of clients requiring opening of a merchant accounts for in cryptocurrencies, first need a detailed consultation. Those who have already decided for admission of payments in a cryptocurrency, but are unaware of all the benefits adding such an option to the website. Therefore, VigoLex, firstly, seeks to convey to its customers all the benefits and risks, so that the online business owner can objectively assess the feasibility of such a decision.

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