Gibraltar is one of Europe’s most prolific economies. Moreover, Gibraltar occupied top positions in various surveys related to economic growth, high employment rate and number of businesses opened here. Speaking of a high number of companies registered in Gibraltar, most of these are businesses operating online. One of the keys to have an online company in Gibraltar or anywhere else in the world is providing the customers with the appropriate means to pay, which is why a merchant bank account is the best option.
Our company formation consultants in Gibraltar can offer information on the banking system and on how to set up merchant accounts in the Rock.
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The Gibraltar merchant bank account
There are two types of merchant bank accounts which can be established in Gibraltar: accounts for Gibraltar companies and offshore merchant accounts which are used by offshore companies; even so the latter is less popular.
The merchant account is usually set up to enable customers of Gibraltar online companies or public authorities to accept and process payments related to contracting services, buying certain products and paying utility bills. Considering Gibraltar has one of the most performant financial systems in Europe, opening a merchant account here is quite simple. It is also useful to know that our company registration agents can help you open a company in Gibraltar.
Requirements to open a merchant account in Gibraltar
Gibraltar banks are allowed to set up merchant accounts for their clients in accordance with the provisions of the Financial Services Act. Depending on the services they offer, Gibraltar companies applying to open merchant accounts must file various documents with the bank they want to create the account with. In return, the bank will provide them with the terminal which allows them to accept and process the transaction.
Not only banks can set up merchant accounts, as in Gibraltar there are many financial companies offering merchant account services with enhanced security options.
For full information on how to create a merchant account in Gibraltar, please contact us. You can also rely on our company registration services if you want to open a Gibraltar company.