This article is a complete guide on how you can open merchant account UAE. But, first we will give a brief description on what a merchant account is and then we will start the guide to open a merchant account.
After reading, what merchant account is, if you want open it, you may proceed and read the entire article.
What is a merchant account?
A merchant account is an account that is basically a reconciliation between a merchant and a receiving bank. This particular reconciliation permits the former to operate and accept the payments of credit cards. When this reconciliation is signed, the merchant accepts to obey the operating rules that are set up by any particular brand.
Merchants open a merchant account because they are able to expand their business by getting to a larger number of clients who are ready to make payments for his services and goods with credit card rather than cash.
How to open a merchant account?
You can open a merchant account in the following ways.
- Brand of credit card
This is actually the first step in opening a merchant account. Start with surveying what brands of credit card are valuable for you or to you. The answer to this question depends upon the population of your selected audience.
- Search a regional bank
Go for a bank that is in your city or most importantly in your area. This way, it would be easier for you to go the bank conveniently. There would be no traffic problems and other issues.
- Create website
In order to open a merchant account, there is a requirement that you should have a website. So, make sure you create a website so you can get your account opened.
- Assemble documents
There are some necessary documents that you have to give to the bank. The documents that needs to be submitted are your activities of business, account of checking details and return of tax. Assemble those documents and submit them.
- Submit the form
This is the last step of opening a merchant account. You have to fill a form and then submit it with the all the required documents. The bank will then decide whether to approve your application or not.
Afterwards, you will have to pay the fees that would be for the setting up of your account. Once, your account has been set up, you can start receiving the payments through credit cards.
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