The merchant account opening process

The merchant account opening process

The below table outlines how Healy Consultants will assist our client secure an international merchant account, without our Client travel:

StepDetailsTimeline
1Our Client settles an initial instalment of US$1,500 with Healy Consultants;Week 1
2Healy Consultants collects due diligence from our Client and completes a questionnaire for merchant account including the nature of products or services provided, the volume of expected transactions and currencies required. Our Client confirms to Healy Consultants if they also require either a i) physical POS terminal ii) virtual terminal or iii) MOTO option to accept card payments by other means than the website payment gateway;Week 1
3Healy Consultants Group PLC staff approach global merchant account providers and banks with a detailed business and operational plan. Our goal is to secure in writing a welcome email from the bank re your business;Week 1
4Following completion of the above, our Client settles a second instalment of US$1,500 with Healy Consultants;Week 2 & 3
5Healy Consultants prepares a quality merchant account opening application for our Client’s signature and email returns us a scan copy of the same.Week 2 & 3
6The merchant providers front office manager reviews and confirms the i) signed merchant account opening application is complete and ii) further due diligence requirements.Week 2 & 3
7Our Client settles a third instalment of US$ 1,000 with Healy Consultants;Week 4
8Healy Consultants submits the original signed quality complete application together with due diligence documentation and additional supporting legal documents including AML and CFT policies implemented by our Client;
9The merchant provider’s in-house Legal and Compliance Department critically reviews the account application, our Client’s website and supporting due diligence and reverts to Healy Consultants to secure additional information;
10The merchant account provider’s underwriting team approves the merchant application and emails our Client the i) merchant account numbers, ii) login details iii) service agreement and iv) fees schedule for signature. The contract will also include the complete guide and code required to integrate the payment gateway on the Client’s website. If required, Healy Consultants can provide IT assistance to our Client to implement the payment system at an additional fee;Week 5
11Our Client settles a final instalment of US$950 with Healy Consultants;Week 5
12Our Client tests the temporary merchant account for 1 week and if satisfied with the service, signs the final service agreement for Healy Consultants to supply to the merchant account provider;Week 5
13Following completion of the above and signing of the official contract, the merchant account provider activates the account for our Client’s use and finalizes secure payment gateway connection on our Client’s website;Week 7
14Our Client can now securely receive customer transactions;Week 8
15Our Client provides Aidan Healy online feedback (click link)Week 9
16Our Client considers putting a testimonial on our web site (click link)Week 9
17Healy Consultants successfully completes the engagement.Week 9

Contact us

For additional information on our international merchant account services, please email us at email@healyconsultants.com. Alternatively please contact our in-house country expert, Mr. Kunal Fabiani, directly:
client relationship officer - Kunal