| A Merchant
account is a service established with a payment
processor for conducting credit / debit card transactions.
Any merchant who wants to take payments through
credit / debit card, must establish a merchant
account. Merchant account processing services
are usually provided by a bank or a third party
processor to the merchant. These services include
authorization of credit cards, transfer of funds
through the financial institutions (MasterCard/Visa),
depositing of funds to checking accounts, merchant
billing, and account activity reporting.
Formations House offers a complete
Merchant solution including Merchant account and
credit / debit card processing facilities. This
Merchant services package is offered in combination
with Formations House Accounting services package.
The set up cost for this
service is £150 for UK companies and
£250 for offshore companies. There will
also be a charge of 4%-8% per transaction for
both, offshore and onshore (UK), customers. Please
note that the transaction fee may be increased
or decreased based on the nature of business and
the business activity.
It takes approx 2 weeks to
complete this procedure. To order, please email
your order request to info@formationshouse.com
with a description of your business activities
(intended or ongoing). After reviewing the business
description and activities you will be advised
about the actual transaction rate that you will
be charged.
The following information and
documents are required to setup the service:
- Company
name
- Registration number
- Copy of the certificate
of registration
- Copy of the articles and
memorandum of association
- Two proofs of identity
e.g. notarized copy of passport and notarized
copy of driving license
- Two proofs of residence
e.g. 2 notarized copies of utility bills
- Notarized bank statement
for last three months
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