Merchant account is basically a medium between processing transactions from a customer’s account to business account. There are too many parties involved when you make a payment from debit card or credit card which is why the payment first needs to be deposited in merchant account UAE and then later transferred to the proper account. So if you plan on starting a merchant account, then here are a few things to keep in mind and consider through the process:
- Criteria of obtaining an account
Obviously there is a process and set rule of instructions which you will have to follow when you go for obtaining merchant account. Some of the few things which you will be asked or looked into are:
- Type of business that merchant account holder seems to be running and if it has a risk of credit card fraud and returns?
- How long has the merchant been in business to find the need of credit card system?
- If there is a considerable amount of time been in running the business then surely history will also be considered. Whether there are any previous cases of bankruptcy or defaults etc.
- Whether the applicant previously had any merchant accounts or personal credit card history and if yes then it would be looked into.
If you run a merchant account you need to be careful of the fees that can be attached to it which may not always be clearly outlined. You need to have a clear talk and discussion with your contractor about all the fees, here are some of the fees included:
- Application fee
- Setup fee
- Monthly fee
- Discount rate
- Per transaction fee
- Rental fee for credit and terminal etc
There are obviously many other charges which is why we would again recommend you to have a proper discussion rather than later being surprised by it all.
You will also have to focus on online payment gateway Dubai if you wish to start your ecommerce because that is the only convenient way of transacting online payments. Don’t forget to look into the best options and how it can be beneficial for your merchant account. Don’t worry, just be high on research and you will get through it.