One of the main fields for financial services is providing platforms for merchant transactions. Businesses often manage large volumes of these transactions, including sales and purchases both locally and internationally, and an increasing number of these is conducted online. Around 4 of 5 customers prefer to buy with their credit cards or other form of online payment instead of cash, especially when they purchase high value goods or services, engage in monthly payments or bills, or buy abroad. Online businesses, as well as retailers or other companies with online presence, realize that not offering the option for online purchases, often including the option for international shipping, leaves them far behind in the competition.
For this reason, thousands and thousands of businesses of all sizes apply every year for merchant accounts in banks around the world. How easy or difficult it will be for them to get an approval and start working with a merchant platform that works for their activities will depend on a number of factors. It's not just about choosing the bank with the best plan for them. Background information on both the applicant(s) and the business should be provided as due diligence, and in some cases more information will be required. Let's take a closer look at this. Read More...
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