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Articles

Open a Merchant Account in Slovakia

Updated on Sunday 14th January 2018

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open-a-merchant-account-in-slovakia.jpgA merchant account in Slovakia is a kind of bank account which enables companies to receive payments through debit or credit cards. 
 
Therefore, a merchant account represents an agreement between a business, a merchant bank and the payment processor for the settlement of the credit card and/or the debit card operations. 
 
In this article, our company formation consultants in Slovakia explain how to open a merchant account in this country.
 

Requirements for opening a merchant account in Slovakia

 
Here are the main steps required in order to open a merchant account in Slovakia:
 
Fulfilling the basic criteria for the pre-approval application: these include:
    o having a website which contains product or service descriptions, prices and delivery data, terms and conditions, refunds policy, full contact details;
    o a planned business activity;
Send the merchant bank the necessary documents, which contain:
    o the company documents in Slovakia;
    o a recent bank account statement of the business;
    o passport copies of the directors and owners;
    o owners’ and directors’ proof of address;
    o two to six months processing history, if available;
    o a business plan, if applicable;
Approve the merchant account fees: our Slovak company formation advisors can provide more information on what these fees may consist of;
Receive the necessary details to have your merchant account running.

Types of merchant accounts in Slovakia

 
The majority of merchant accounts in Slovakia are separated by the perceived risk of the account, as well as by the method utilized to sell the products. These accounts can be:
 
Traditional accounts with equipment: mostly used for retail businesses in which the operations are processed through a personal interaction;
Mail or telephone order (MOTO): these accounts allow phone based or direct mail order processing for clients who are able to purchase the product or service from home;
Internet-based merchant accounts: these have a mid-range cost connected with them;
Other types of merchant accounts: our company formation agents in Slovakia can offer more details on these accounts.
 
If you would like to know more about setting up a merchant account in Slovakia, or for assistance in starting a business in Slovakia, please speak to our friendly staff.

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