Merchant Accounts – Things to Know

This article will give details about the documents required to set up Dubai merchant account and the working procedure of the merchant account.

What are the documents required to set up a Dubai merchant account?

Following are the documents required to set up Dubai merchant account.

• Off-shore business documents: If you have any off-shore business then you will have to submit incorporation certificate, extracts of the company and registration.
• European business documents: If you have European business then you will have to submit incorporation certificate, extracts of the company and registration.
• Authority: If you have the authority, to represent on the behalf of off-shore business or European’s director, you will have to submit the copy.
• Passport of the supervisor (scanned): This includes the supervisor of the off-shore business as well as the European business.
• Address of the supervisor: This also includes the address of the off-shore business as well as the European business. You can give bill of your electricity or water or it could also be a statement of the bank. If suppose, these things are in any other language than English, then you will have to get them translated with the signature of the translator.
• History of processing: This will be relevant if you have a clearing corporation presently or formerly, then you will have to submit the history of processing of the previous three months which will include the amount of purchasing and refunds.
• Firm’s address: You will have to send the firm’s address so it could be confirmed that you actually have a business.

What is the working procedure of the merchant account?

The working procedure of the merchant account is as follows.

• Firstly, a client makes a decision to purchase on any site and then enters the credentials of his payment.
• There is a system of payments that gets integrated in to your website. This system passes on the request of the payment to the receiving bank of the merchant.
• The receiving bank sends the request of the payment to the providing bank of the client.
• The providing bank processes and verifies the request.
• If the providing bank gives the approval, the merchant as well as the client will be notified about the successful purchase and the money will then be passed on to the account of merchant.
• If the purchase doesn’t get approved by the providing bank, the associations will be notified about the failure of the request.

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