A Merchant account is a "bank account" established with a payment processor for conducting credit / debit card transactions. Any merchant who wants to take payments through credit / debit card, must establish a merchant account. Merchant account processing services are usually provided by a bank or a third party processor to the merchant. These services include authorization of credit cards, transfer of funds through the financial institutions (MasterCard/Visa), depositing of funds to checking accounts, merchant billing, and account activity reporting.

Formations House offers a complete Merchant solution including Merchant account and credit / debit card processing facilities. This Merchant services package is offered in combination with Formations House Accounting services package.

The set up cost for this service is £150 for UK companies and £250 for offshore companies. There will also be a charge of 4%-8% per transaction for both, offshore and onshore (UK), customers. Please note that the transaction fee may be increased or decreased based on the nature of business and the business activity.

It takes approx 2 weeks to complete this procedure. To order, please email your order request to info@accountscentre.co.uk with a description of your business activities (intended or ongoing). After reviewing the business description and activities you will be advised about the actual transaction rate that you will be charged.

The following information and documents are required to setup the service:

• Company name
• Registration number
• Copy of the certificate of registration
• Copy of the articles and memorandum of association
• Two proofs of identity e.g. notarized copy of passport and notarized copy of driving license
• Two proofs of residence e.g. 2 notarized copies of utility bills
• Notarized bank statement for last three months