Cyprus Merchant Accounts
MN & ASSOCIATES assists its clients through the process of establishing a Merchant Account, by providing financial advice, completing the necessary documents and acting as a liaison with the banks in Cyprus.
A number of businesses are now conducted through the internet with the use of social media sites. Transactions are now easier with the online banking services provided by most banks. Credit transactions are presently more prevalent and faster with credit card payments made available by various merchants. Merchant Accounts enable merchants and businesses to accept payments using their credit or debit cards. Businesses may only accept credit or debit card payments if they have a domestic or offshore Merchant Account. In Cyprus, unlike in other jurisdictions, opening a domestic or offshore account is possible.MN&ASSOCIATES assists its clients through the process of establishing a Merchant Account, by providing financial advice, completing the necessary documents and acting as a liaison with the banks in Cyprus.
With a Merchant Account, you are able to accept online payments from customers. In order to have a Merchant Account however, you need to establish a relationship with an acquiring bank that will issue you an internet Merchant Account. Before granting a Merchant Account, acquiring banks would require vital information from the client. They would inquire into the client’s personal or company’s credit history, nature of the business, and average or estimated sales volume. Banks would also like to be assured that they are dealing with a credible and reputable client. Those who are not that familiar with obtaining a Merchant Account have some difficulties. MN&ASSOCIATES commits to assist its clientele through the process.
Having a Merchant Account has many benefits to a business. With a Merchant Account, transactions and payments are made faster and more convenient. Online payments can be easily transferred to your company’s bank account.
With the improved accessibility in the purchase of goods, customers are encouraged to make repeated orders and purchases.
Through the company’s website and online transactions, products or services are made available to a larger audience and target market. These are only some of the advantages of a domestic Merchant Account; an Offshore Merchant Account is even more advantageous.
An Offshore Merchant Account is a bank account that is set up with a foreign bank. Cyprus, being a part of the European Union, is one of the few jurisdictions where an offshore Merchant Account may be established. With an Offshore Merchant Account, merchants are not limited by trading regulations. Customers from more countries will be able to transact, do business and make payments with the company. More importantly, taxes will be at a low rate. By setting up an Offshore Merchant Account in Cyprus for instance, low tax rates will be imposed on corporate sales.
In order to establish a merchant account, the company should have an existing Corporate Bank Account. Documents such as the Articles of Incorporation, Articles of Association, License to Operate, recent tax returns, and other pertinent documents should be submitted. The company should also have its own website where the transactions will take place.
MN&ASSOCIATES provides its clients with expert assistance in acquiring a Merchant Account in Cyprus.