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Is a bank account established with a payment processor for the establishment of credit card transactions.Any merchant wishing to accept credit cards must establish a "Merchant Account". It is a special bank account that allows your company accept credit card payments if you own a business E-commerce.
E-commerce is the buying and selling goods and services over the Internet.
Each time you make a business transaction and receive payment by credit card, funds are deposited into this account, and then transferred to a regular bank account where you can dispose of them.
Protecting the rights of consumers in online transactions is the best way to establish and maintain confidence in electronic commerce.
Benefits of a Merchant Account
• Availability of a wide network of bank branches.
• According to their mobilization and balances, you can choose to use the overdraft and requesting a credit line account.
• Monthly statement, detailing their transactions either online or on paper.
• Immediate liquidity.
• Strength and financial backing of a credible institution and extensive experience in the country.
• Enjoy a host of banking services offered by Panamanian banks to their customers.
• Low discount rates.
• Low transaction fees.
• Increased credibility for your business.
• Several ways to take data cards: Phone, Fax, mail, Internet.
• A merchant account receives funds automatically in 48 hours to the bank account of your choice.
To open a merchant account is required:
1. Corporate Bank Account
2. Two business reference letters for each account signatory
3. Two letters of personal reference for each signatory on the account
4. Letter describing their business, which should include:
5. Summary of activities
6. Description of the goods or services offered
7. Jurisdiction in which the Company does business
8. Year Established
9. Turnover previous or expected (annual earnings, sales, etc.).
10. Estimated percentage of chargebacks
11. Copy of passport of all directors / officers and legal representatives or signatories of the account.
If you are interested in, please contact ASG Legal S.A.