Merchant accounts allow you to accept payments through your website, on the phone, or in person with debit and credit cards. No matter what country you live in or plan to expand your business into, you need an international merchant account if you want to accept international payments from all over the world. Read on to learn more about which merchant accounts are best suited to your needs and which options you should consider.
Know Your Customer (KYC) Requirements
The best international merchant accounts take know your customer (KYC) requirements seriously. The best international merchant account providers will check a variety of databases and sources, such as:
- Credit bureaus (e.g., Equifax)
- Canadian Trade Index Bureau
Does My Payment Processor Have an International Presence?
One of the first things you need to consider when looking at different providers is whether or not they offer international services. If they don’t, then you’re going to be out of luck if your business starts growing internationally.
Will My Seller/Buyer Agreements Be Cross-Border Compliant?
The first question you should ask yourself is Do my seller/buyer agreements need to be cross-border compliant? Some merchants don’t realize that their agreements may not be cross-border compliant, which can lead to being fined.
What Do I Need to Set Up An Account With An Online Payment Processor?
Setting up an account with an online payment processor is easy, but there are a few things you need before you can get started. You will need your company’s information and bank account information, including routing and account numbers. You’ll also need your business tax ID if you’re operating as a business. If you run more than one company, then this would be your parent company’s tax ID and each subsidiary would have its own tax ID number. Once you have all of your necessary documentation, most processors should be able to set up your account quickly and easily. However, make sure that you read through all of the terms of service before you commit to anything. Some companies may offer monthly fees or add-on services that could end up costing more than they save in the long run.
Can I Accept Credit Cards with an Account from Another Country?
Yes, you can accept credit cards with an account from another country. However, it is important to understand the fees and regulations. For example, if you are opening a business bank account in China and want to accept American credit cards, there are specific rules and regulations that you will need to adhere too. That being said, as long as you do your research on which international merchant accounts will be best for your needs, then this should not be a big issue going forward.
When Are Domestic and International Payments Automatically Triggered?
Typically, domestic payments are automatically triggered around 8:00 am EST and international payments are automatically triggered around 10:00 pm EST. These times can vary depending on your bank’s settings.