The merchant account opening process in 2024
The below table outlines how Healy Consultants will assist our client secure an international merchant account for a total fee of US$8,950, payable by installments without our Client travel:
| Step | Details | Timeline |
|---|---|---|
| 1 | Our Client settles an initial instalment of US$4,475 with Healy Consultants; | Week 1 |
| 2 | Healy 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 |
| 3 | Healy Consultants Group 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 |
| 4 | Healy 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 |
| 5 | The 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 |
| 6 | Our Client settles a third instalment of US$3,525 with Healy Consultants; | Week 4 |
| 7 | Healy 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; | |
| 8 | The 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; | |
| 9 | The 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 |
| 10 | Our Client settles a final instalment of US$950 with Healy Consultants; | Week 5 |
| 11 | Our 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 |
| 12 | Following 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 |
| 13 | Our Client can now securely receive customer transactions; | Week 8 |
| 14 | Our Client provides Aidan Healy online feedback (click link) | Week 9 |
| 15 | Our Client considers putting a testimonial on our web site (click link) | Week 9 |
| 16 | Healy Consultants successfully completes the engagement. | Week 9 |
