How To Get an Online Merchant Account In 3 Simple Steps?

 You should open an online merchant account either when switching merchant service providers to receive better rates, service, and technology or when you're just starting with your company's infrastructure in Cyprus.

Your choice of merchant services will determine how your company accepts and transfers money, and your merchant account is the key that unlocks the door to receiving payments.

Then how do you obtain one? What does that procedure entail?

We'll take you step-by-step through setting up an online merchant account today, explaining all the best practices and approaches. But first, let's briefly discuss what an online merchant account is in Cyprus and why we even need one in the first place. So, let’s start.

What is an Online Merchant Account in Cyprus?

An online merchant account is a unique bank account that enables your company to take electronic payments such as credit and debit cards. It is necessary for any modern business because you must have one to accept credit cards.

Who Offers Online Merchant Account Services in Cyprus?

Companies that offer online merchant accounts to businesses. Who then qualifies as a provider? Technically, only banks since they are the ones who ultimately own these accounts, but there are a few places you can obtain them. Each of these sources is a good choice for an online merchant account and earns revenue by charging extra fees for transactions:

• Providing Bank: These banks frequently collaborate with an ISO (independent sales organization) or merchant services provider.
• Providers of Merchant Services: Banks and merchant service providers like WebPays collaborate to offer online merchant accounts to businesses like yours. We specialize in delivering the greatest technology, service, value, and integrations in a single straightforward solution.
• Organizations that Sell Independently: Although ISOs and MSPs are comparable and occasionally the same, they typically sell their merchant services software through a network of other independent agents and businesses.
• Independent Agents: For a share of the residuals on subsequent transactions, these agents work to bring merchants onto a certain merchant services partner's roster. These individuals can be sincere and offer legitimate services, like any salesperson or sales-based business, or they can be scammers looking for unsuspecting customers.

Your decision will depend on your business, but we advise working directly with a merchant services provider like WebPays in Cyprus because you know their success depends on yours; you can thoroughly check them out beforehand, and they typically provide more robust tech and support options than banks.

How To Get an Online Merchant Account in Cyprus?

Once you establish your online business in Cyprus, you must open an online merchant account. Let’s look at how to get an online merchant account hassle-free in Cyprus.

Step 1: Know What You Need 

Before speaking with online merchant account providers, you must comprehend your company's requirements. Make sure to balance your short- and long-term thinking. Switching providers can be difficult, and contracts for merchant services can occasionally be lengthy. Here are some things you should consider:

• Types and Numbers of Terminals - Are you interested in conventional terminals, or does your company require mobile readers and POS systems? Consider the payment equipment that is required for your company to remain competitive.
• Online Entrance - Nowadays, e-commerce or online business is enormous. If most of your business is online, you require a cutting-edge, tech-focused online merchant account provider in Cyprus.
• Flexibility in Invoices and Options for Payments- Consider the frequency and nature of the payments you receive from your clients. If you manage recurring subscriptions, you must have an account provider who offers that choice.
• Your Normal Processing Capacity - It is only possible if you have started a business, but assuming you have, you must know your typical processing volume. That applies to your overall revenue and distribution among the different card types. After that, make accurate growth estimates using the amount. Consider how much this supplier will cost you now and in the future.
• Features such as Loyalty Programs or Unique Integrations - The system you require will only sometimes be available from account providers. Before signing any contracts, list all payment-related features you desire. 
• A Recent Statement is Available, Along with a Rudimentary Sense of Pricing - Determine your processing costs and your desired payment amount, and then look for a provider who will examine a statement for you before requiring that you sign anything.

You should seek out online merchant account providers who can provide both the rate and the products your organization needs after locating the goods and services you'll need.

Step 2 - Merchant Account Provider Fees

Here are some crucial factors to consider when picking an online merchant account provider in Cyprus.

Pricing Scheme: 

How the online merchant account provider calculates its fees is one of the most crucial factors. The three main fee schedules are:

• Flat rates: A fixed percentage and a charge for each transaction.
• A scaled price: Where qualified, mid-qualified, and unqualified transactions are divided into separate transaction fees.
• Comparable pricing: Consists of a fixed percentage and a transaction-specific per-transaction fee established by each credit card company. After that, processors will add a percentage or flat fee to each transaction on top of the interchange rate.

Extra Account Charges 

Merchant account providers frequently levy additional fees on top of the transaction fee schedule. Several instances are:

• Cancellation fees: Charges for breaking a contract early.
• Batch Fees: Fees for uploading and settling transactions in batches.
• Annual Fees: Annual charges for all services.
• Monthly minimum charges: for transactions below a specific threshold.
• Statement Fees: For receiving statements.

Set of Instruments 

Reduce your upfront and continuing costs by locating a reliable online merchant account provider to satisfy your needs.

Working with a company with a suite of tools that all integrate seamlessly will save you a tonne of money because you won't need to purchase additional payment solutions like PCI compliance scans or third-party gateways from other suppliers, which can significantly increase your costs.

Choose an online merchant account provider that offers most of the integrations and capabilities you require right out of the box and exhibits a sincere willingness to forge a connection immediately.

PCI Conformity 

Identify an online merchant account provider who takes PCI compliance seriously. To avoid undertaking a thorough PCI compliance evaluation and running the risk of business-debilitating breaches and fines, you should be sure that the merchant account provider you choose will assist you in safely storing your customers' payment information.

Additionally, pay attention to the PCI compliance features the payment processor provides. You can maintain compliance with some processors' PCI compliance scanning technologies without requiring the use of any additional services.

Step3 - Start the Application and Underwriting Process 

When you've chosen, apply either online or through a sales representative.

Your application, including your business strategy, will be thoroughly investigated after it has been filed. Underwriters may occasionally require a personal guarantee, a review of both business and personal finances, and a credit check.

The application procedure can occasionally be difficult, paper-intensive, time-consuming, and unclear. Because of this, you need an online merchant account provider whose representative offers your application their undivided personal attention and lavishes you with TLC throughout the application and underwriting processes.

To complete the registration process for an online merchant account, you will need:

• A company ID
• You will be pulled for credit
• routing information and business bank accounts
• Date your company was founded 
• Additional contact information
• Equity and ownership divisions
• average processing speeds and transaction reports

Which Merchant Service Provider is Best for Your Online Businesses in Cyprus?

For business owners, maintaining a seamless operation becomes essential. Every company that accepts payments online must do so. We suggest you choose WebPays in the Cyprus as your online merchant account provider. So, let’s check some of the best benefits of using the WebPays -

• We provide pricing that is comparable to that of rival companies. We also offer the market's most aggressive pricing.
• Provide a variety of incredibly secure payment methods to cut down on chargebacks and fraudulent transactions.
• The procedure for connecting to our payment gateway is simple and easy to use. With some assistance, even a non-tech guy can complete this process.
• Our software may occasionally be modified so that we can benefit from the appropriate payments.
• You may now profit from taking several currencies, which helps conduct international business.
• Ensure that all of your customers' preferred payment alternatives are available.
• Various payment options, such as credit cards, debit cards, checks, ACH transfers, mobile payments, etc., are also accepted by us.
• If you engage with us and provide the necessary documentation, your online merchant account can be approved in three to seven business days.

Conclusion 

Online enterprises must open an online merchant account to take more cashless payments through their e-commerce website or mobile application. Switching to cashless can, among other things, enhance your online business's revenue and cash flow.

For your online businesses, look at WebPays, a platform for online payments that offers a payment gateway, a secure online merchant account, and other useful features like online registration, payment statistics, and many more.

Contact our professional team to learn more about our services for online merchant account in Cyprus.