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Opening a merchant account is a crucial step for businesses looking to accept payments online and expand their customer reach. Whether you run an e-commerce store or provide online services, having a merchant account enables you to securely process credit card transactions and manage your payment operations. In this comprehensive guide, we will walk you through the first steps and provide valuable insights on how to open a merchant account.

Understanding a Merchant Account

Before diving into the account opening process, let's start with a brief overview of what a merchant account is. A merchant account is a type of payments account that allows businesses to accept and process credit card transactions. It serves as an intermediary between the business, PSP, the customer's issuing bank, and the payment gateway. By having a merchant account, you can securely receive funds from customer transactions and manage the flow of funds into your business.

Gathering Corporate Documents

To begin the process of opening a merchant account with COLIBRIX, we require several corporate documents that verify your business's legal existence and structure. You can start this rewarding process by providing accurate and up-to-date information in the application form. Following that, we will need a document that confirms your business's registration and a separate document issued within the last six months to confirm your business's physical address.

To continue this journey, we'll need you to share the founding document of your company, along with any amendments made over time. If applicable, we would also appreciate a document that confirms the appointment of directors within the last year. Knowing the faces behind the scenes creates a bond of trust necessary for this business.

Moreover, the certificate of your company's shareholders, legalized and/or apostilled, issued within the last year, will help establish transparency in the ownership structure. We may also request additional documents issued within the last year, confirming the current ownership structure and company status.

To comply with KYC (Know Your Customer) regulations we kindly ask you to submit official identification documents for company directors and legal representatives. These typically include a valid ID, such as a passport or national identity card, and relevant proof of address, such as a utility bill or bank statement. Ensure that the proof of address, not older than three months is original or with a certified English translation if necessary.

There might be additional requirements depending on your industry or specific circumstances. You can always rely on our COLIBRIX team and get a consultation to ensure you have all the necessary documents in order.

After we receive everything, we send all the documents to our compliance department and provide our first response within two or three days. And, of course, our aim is to make the process as efficient and as easy as possible for our merchants.

Website Compliance Requirements

We also kindly ask our merchants to familiarize themselves with the following Website Compliance Requirements before delving into the captivating e-commerce journey:

  • Make sure your site uses HTTPS to establish a secure connection for data transmission. This shows your commitment to protecting customer information.
  • Provide clear and detailed descriptions of your products and services on your website. Be sure to include relevant information such as features, pricing, and any terms and conditions of purchase.
  • Provide your company's legal details, such as registered address and company number, in the website footer and policies section. This helps build trust and transparency with your customers.
  • Display contact information, such as email and/or phone number, prominently on your site. This makes it easy for customers to contact you with any questions or concerns.
  • Display recognized payment logos, such as Visa and Mastercard, on your site's payment page and footer. This helps increase customer confidence in the payment options you offer.
  • Include a checkbox on your site's checkout page to ensure that customers explicitly accept your terms and conditions before completing a purchase.

At COLIBRIX, we provide exceptional customer support throughout the account opening process and beyond. Contact us today to take the first step towards building a robust and secure payment infrastructure for your business. 

We look forward to guiding you through the remainder of the account opening process and supporting your journey to secure and streamlined online payments.


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