How To Apply For A Merchant Account When Residing In The Middle East
When applying for an offshore merchant account in the Middle East, the requirements and the procedures may vary according to the processing company namely: Panama Legal and Thetabiz Offshore.
IT is applicable for those who have international businesses away from the place of residency. However, not all are qualified to apply since there are some countries that are not currently catered by the service processors. Here are two companies that offer offshore merchant account services and the steps on how to apply one namely:
For foreigners living in Middle East who want to invest in other countries, Panama Legal Company has provided its client an option in order to get an approved merchant account. A merchant must open a bank account in a major Middle Eastern bank, which will be under the name of Panama Corporation as well as the merchant account. The service provider will transfer money to the bank in the Middle East and then to your bank account, never directly to your account.
Thetabiz is a Panamanian corporation, which provides bank card services, company and asset protection and merchant account companies' relation. They are well-versed when it comes to account application for expatriates and high net worth individuals. To apply, here are some steps to follow such as:
* Pay one-time-lifetime membership fee of $400 for an unlimited help for bank accounts and merchant accounts * Complete the merchant account application form
* Application and your existing company website will be reviewed
* Wait until the bank has verified with the VISA and MasterCard match list
* Once qualified, sign contract with the bank and the card processor
* Wait for about 3 days for the issuance of Merchant ID or the MID * Information on how to set-up the processing will be sent to you
* Testing phase will be conducted. Once finished, you can start with credit card processing
Those international companies like U.S. based, offshore company, and Panamanian corporation, who have Middle East Offshore Merchant Account Eligibility can apply. The requirements for this offshore merchant account include, but not limited to the following:
* Existing operational company
* Valid address and a contact number
* Own internet domain
* Active bank account
There are still other merchant account service providers that cater to merchants in other countries outside U.S. Although they have different requirements, but the procedures involved during application are more or less the same. Other service processors are the following: StradaFee, Citibank, and DeltaQuest - all handle transactions from various countries like Europe, Middle East, Asia, UK, Africa, and North and South America. With their multi-currencies service, applying for a merchant account outside the country of residence is no longer a problem.
by: Patricia Strasser